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Oil prices rise

  • SOURCE: | Editor
  • fuel-newCrude futures gained traction on Friday, driven by a weaker U.S. dollar and signs of the market tightening after major oil producers agreed to cut output.

    On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG7, 0.45% traded at $51.53 a barrel, up $0.16 in the Globex electronic session. March Brent crude LCOH7, 0.63% on London’s ICE Futures exchange rose $0.14 to $54.30 a barrel.

    The U.S. dollar DXY, -0.13% wavered as investors held back from making large moves ahead of President-elect Donald Trump’s inauguration speech on Friday.

    The WSJ Dollar Index BUXX, -0.02% , which measures the U.S. currency against 16 others, was recently down 0.1% after rising as much as 0.3% on Thursday. As oil is traded in dollars, a weaker dollar gives foreign traders stronger buying power.

    “Everyone is waiting to see if U.S. oil production will really surge under Trump,” a Singapore-based fuel oil trader said, adding that he expects volatile prices in the first 100 days of Trump’s administration.

    Crude futures gained traction on Friday, driven by a weaker U.S. dollar and signs of the market tightening after major oil producers agreed to cut output.

    On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG7, 0.45% traded at $51.53 a barrel, up $0.16 in the Globex electronic session. March Brent crude LCOH7, 0.72% on London’s ICE Futures exchange rose $0.14 to $54.30 a barrel.

    The U.S. dollar DXY, -0.14% wavered as investors held back from making large moves ahead of President-elect Donald Trump’s inauguration speech on Friday.

    The WSJ Dollar Index BUXX, -0.01% , which measures the U.S. currency against 16 others, was recently down 0.1% after rising as much as 0.3% on Thursday. As oil is traded in dollars, a weaker dollar gives foreign traders stronger buying power.

    “Everyone is waiting to see if U.S. oil production will really surge under Trump,” a Singapore-based fuel oil trader said, adding that he expects volatile prices in the first 100 days of Trump’s administration.

    Source: http://www.classfmonline.com/1.10674883

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