Key Currency Exchange Rates for Friday, 3/10/23

American Dollar to Canadian Dollar = 0.730902; American Dollar to Chinese Yuan = 0.138086; American Dollar to Euro = 1.089591; American Dollar to Japanese Yen = 0.006431; American Dollar to Mexican Peso = 0.055916.

Futures were steady in New York after rising 3.8 percent in the previous three sessions. Global demand will climb this year by the most since 2015, the IEA said Wednesday. OPEC on Tuesday raised estimates for the amount of crude it will need to supply in 2018 on stronger consumption from Europe and China. U.S. oil output gained last week as operations returned after Hurricane Harvey. The IEA report “was taken as confirmation of the prevalent supply-tightening narrative, that that oil surplus is slowly disappearing,” said Norbert Ruecker, head of commodity research at Julius Baer Group Ltd. Still, crude is “trading at the upper end of a fundamentally justified price range” and the “upcoming seasonal demand soft patch is set to create near-term headwinds.” Click Read More below for more of the story.

Oil prices continued to climb Tuesday amid fighting in Iraq that threatened production from northern Iraq and as the relationship between the United States and Iran risked more strain. Iraqi forces on Monday clashed with fighters from Iraq’s semi-autonomous Kurdish region in the oil-rich province of Kirkuk, in a continuing standoff over Kurdish independence. The violence followed a referendum late September in which the Kurds voted overwhelmingly in favor of independence, in defiance of the central government in Baghdad and other regional powers. Click Read More below for additional information.