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Oil prices fell on Tuesday for a second day as demand for crude weakened as US production increased and the dollar rose, prompting Brent to drop below $ 69 a barrel for the first time in six days.
By 0522 GMT, London Brent crude futures were down 49 cents, or 0.7 percent, at $ 68.97 a barrel. Brent futures for March delivery settled at $ 69.46 a barrel on Monday, down $ 1.06, or 1.5 percent.
Oil continues to decline as the dollar strengthens and US production rises
WTI futures fell 70 cents, or 1.1 percent, to $ 64.86 a barrel. On Monday, crude futures fell 58 cents, or 0.9 percent, to $ 65.56 a barrel.
Prices remain heading towards their fifth monthly gain, respectively.
US production is on par with Saudi Arabia, the largest producer of the Organization of the Petroleum Exporting Countries (OPEC). Russia alone produces more than the United States and Saudi Arabia, averaging 10.98 million bpd in 2017.
US production has jumped more than 17 percent since mid-2016 and is expected to exceed 10 million bpd soon.
The drop in the dollar over six consecutive weeks fueled the recent surge in oil prices. The US currency has fallen 3 percent since the beginning of this month.
Oil is denominated in dollars, so the decline in the dollar may boost the demand for crude from buyers who use other currencies.
http://economy-news.net/content.php?id=10865
By 0522 GMT, London Brent crude futures were down 49 cents, or 0.7 percent, at $ 68.97 a barrel. Brent futures for March delivery settled at $ 69.46 a barrel on Monday, down $ 1.06, or 1.5 percent.
Oil continues to decline as the dollar strengthens and US production rises
WTI futures fell 70 cents, or 1.1 percent, to $ 64.86 a barrel. On Monday, crude futures fell 58 cents, or 0.9 percent, to $ 65.56 a barrel.
Prices remain heading towards their fifth monthly gain, respectively.
US production is on par with Saudi Arabia, the largest producer of the Organization of the Petroleum Exporting Countries (OPEC). Russia alone produces more than the United States and Saudi Arabia, averaging 10.98 million bpd in 2017.
US production has jumped more than 17 percent since mid-2016 and is expected to exceed 10 million bpd soon.
The drop in the dollar over six consecutive weeks fueled the recent surge in oil prices. The US currency has fallen 3 percent since the beginning of this month.
Oil is denominated in dollars, so the decline in the dollar may boost the demand for crude from buyers who use other currencies.
http://economy-news.net/content.php?id=10865
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