Oil dips as US output rises, still set for strongest January in five years

Brent crude oil prices eased below $70 a barrel on Monday as rising U.S. output undermined efforts led by OPEC and Russia to tighten supplies, but prices were still on track for their strongest start to the year in five years.

Brent crude futures were down 60 cents at $69.92 a barrel by 7:51 a.m. ET (1251 GMT), while U.S. West Texas Intermediate (WTI) crude futures fell 34 cents to $65.80 a barrel.

So far this month, the Brent crude price has risen by 5.5 percent through last week’s close.

One of the key drivers has been the dollar, which has lost about 3 percent against a basket of major currencies so far this year.
more detail at:  https://www.cnbc.com/2018/01/28/oil-markets-focus-on-strong-demand-ongoing-opec-led-supply-restraint.html

Related Posts

Key Currency Exchange Rates for Friday, 5/17/24

American Dollar to Canadian Dollar = 0.733060; American Dollar to Chinese Yuan = 0.138372; American Dollar to Euro = 1.084155; American Dollar to Japanese Yen = 0.006415; American Dollar to Mexican Peso = 0.059915.

ATA Truck Tonnage Index Slipped 2.3% in October

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 2.3% in October after rising 0.8% in September. In October, the index equaled 116.3 (2015=100) versus 119.1 in September. "For-hire truck tonnage saw the largest single monthly decrease in October since the start of the pandemic,” said ATA Chief Economist Bob Costello. “The decrease fits with the anecdotal reports of a muted fall freight season. It also coincides with a slowing economy. Housing is a weak spot in freight in addition to a slowing in personal consumption of goods. While factory related freight is holding up better than other areas, it is also decelerating.” Compared with October 2021, the SA index increased 2.8%, which was the fourteenth straight year-over-year gain, but the smallest gain since April. In September, the index was up 5.7% from a year earlier. Year-to-date through October, compared with the same period in 2021, tonnage was up 3.9%.
Back To Top
×Close search
Search