UPSTREAMONLINE.COM
Oil settled little changed on Thursday after sliding to its lowest level in a week in volatile trade, but a surging dollar did not pressure prices below technical support levels as Opec members told customers they would cut crude supplies. Oil tumbled early as the dollar rallied near a 14-year high against a basket of other currencies the day after the Federal Reserve raised US interest rates for the first time in a year. The Fed also hinted rates in 2017 could rise more quickly than investors had anticipated. A stronger greenback pressures demand for dollar-denominated crude, making barrels more expensive for users of other currencies.
Read more>
Oil settled little changed on Thursday after sliding to its lowest level in a week in volatile trade, but a surging dollar did not pressure prices below technical support levels as Opec members told customers they would cut crude supplies. Oil tumbled early as the dollar rallied near a 14-year high against a basket of other currencies the day after the Federal Reserve raised US interest rates for the first time in a year. The Fed also hinted rates in 2017 could rise more quickly than investors had anticipated. A stronger greenback pressures demand for dollar-denominated crude, making barrels more expensive for users of other currencies.
Read more>