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Oil prices fall in early trading week
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Economy News _ Baghdad Oil prices were under pressure from the strength of the dollar on Monday, but crude kept most of its gains in the previous session after the top producers said at a meeting in Vienna that the market is on track to restore balance. The Organization of the Petroleum Exporting Countries (OPEC), Russia and a number of other producers have been cutting their supply by about 1.8 million bpd since the beginning of 2017, helping oil prices rise 15 percent in the last three months. Kuwaiti Oil Minister Essam al-Marzouq, who chaired the meeting of the Joint Ministerial Control Committee on Friday, said production constraints helped reduce global crude stocks to an average of five years, which is OPEC's target. Brent crude for November delivery fell 4 cents to $ 56.82 a barrel, nearing its highest level since March. US crude for delivery in November dipped to $ 50.56 a barrel, but is still well short of a four-month high. The dollar index rose 0.1 percent against a basket of currencies. The euro fell after German elections showed increased support for the far-right party. |
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