Key Currency Exchange Rates for Friday, 5/10/24

American Dollar to Canadian Dollar = 0.743551; American Dollar to Chinese Yuan = 0.139068; American Dollar to Euro = 1.093515; American Dollar to Japanese Yen = 0.006792; American Dollar to Mexican Peso = 0.059317.

Futures in New York dropped as much as 0.8 percent after data showed American drillers added five working oil rigs last week, stoking fears over surging U.S. output. The May oil contract gained 1.5 percent last week before expiring Friday as OPEC producers said supply curbs should continue in order to revive investments in oil and gas production. In the U.S., explorers have added 23 rigs so far this month, bringing the total working rigs to 820 last week, Baker Hughes data showed. The nation’s crude production has more than doubled from the lows of a decade ago, topping 10 million barrels a day each week since early February.

Futures in New York rose as much as 1.3 percent after climbing the most in eight months on Tuesday. President Donald Trump has intensified preparations for a response to a suspected chemical weapons attack in Syria, a move that could place the U.S. in direct conflict with Russian forces. While the Middle East country’s own oil production is limited, prices often respond to the risk of war in a region that holds almost half of the world’s crude reserves. “The focus is on the West’s probable military strike against the Syrian regime,” said Carsten Fritsch and Eugen Weinberg, analysts at Commerzbank AG in Frankfurt. Click Read More below for additional information.