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The stability of the global oil market after the rise of the dollar
09/12/2017 12:00 am [rtl]SINGAPORE (Reuters) Oil prices held steady on Friday, curbed by the dollar's rise, while China's relentless appetite for crude backed by Opec-led supply cuts has already led to market scarcity this year. At 0535 GMT, US WTI crude futures were at $ 56.68 a barrel, unchanged from the previous settlement price of $ 56.69. Brent crude futures contract settled at $ 62.20 a barrel. Traders said the dollar, which rose 0.9 percent this month against a basket of other major currencies, is weighing on prices. The rise in the dollar is attracting financial traders who convert investments between commodity contracts and the exchange market. A strong dollar also inhibits crude prices by making oil purchases denominated in US currency higher in countries using other currencies. Bank of America Merrill Lynch said in its 2018 forecast "a strong US dollar could act as a counterweight to commodities." However, China's booming demand for oil will exceed US demand this year to become Beijing, the world's largest crude importer. China's crude oil imports rose to 37.04 million tons last November, equivalent to 9.01 million barrels per day, the second-highest level ever, data from the General Administration of Customs showed Friday. "China's imports of crude oil will continue to rise over the coming years as production declines from a number of its giant land fields, which will inevitably increase China's dependence on crude oil imports to reach a record high of 68 percent in 2017, 80 percent by 2021. Meanwhile, Bank of America Merrill Lynch said the strength of global demand and tight supply would push the price of Brent crude to $ 70 a barrel by the middle of next year.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=148912[/rtl] |
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