Key Currency Exchange Rates for Friday, 11/17/23

Futures were little changed in New York, up more than 9 percent in September. Oil this week returned to a bull market on signs the persistent crude surplus was finally starting to shrink, while Trafigura Group and Citigroup Inc. warned of the potential for a further supply squeeze in 2018. The Organization of Petroleum Exporting Countries and Russia have hailed the success of their agreement to cut production and urged their allies to stay focused on finishing the job. U.S. Gulf Coast refiners restarted after last month’s hurricanes. Click Read More below for additional detail.

Crude oil prices were mixed in Asia on Monday as the market turned cautious ahead of a key OPEC meeting near the end of the week. U.S. West Texas Intermediate (WTI) crude futures dipped 0.42% to $58.70 a barrel. ICE Brent crude futures, the benchmark for oil prices outside the U.S., rose 0.47% to $63.77 a barrel. This week, market participants will focus on the Organization of Petroleum Exporting Countries highly-anticipated meeting on Thursday to see whether major producers plan to extend their current production-cut agreement. Click Read More below for additional information.

Oil prices were mixed on Tuesday, with U.S. crude gaining and Brent crude slumping, as investors prepared for a key meeting of the OPEC producer group next week. Crude future were in line with the broader financial markets, which were largely unruffled by a U.S.-North Korea summit aimed at the denuclearization of the Korean peninsula. OPEC and other producing countries including Russia have cut oil output by 1.8 million barrels per day (bpd) since January 2017 in an effort to boost the market. The group holds its next meeting on June 22-23, and is expected to decide on future supply policy. Click Read More below for additional information.