Oil slips, but remains on course to finish week hardly changed

Oil slips, but remains on course to finish week hardly changed

2021-06-18 12:39:00 PM

Oil slips, but remains on course to finish week hardly changed

Oil falls as dollar strengthens on chance of interest rate hikes in the US

Noah BrowningThe MTM Savannah oil and chemical tanker, left, and other cargo vessels wait to enter the Suez Canal in Suez, Egypt, on March 28 2021. Picture: BLOOMBERG/ISLAM SAFWATLondon — Oil prices fell for a second consecutive session on Friday as the dollar soared on the prospect of interest rate increases in the US, but they were on track to finish the week little changed and only slightly off multiyear highs.

'Still so unreal' - Schoenmaker 'shocked' at record-breaking gold Tremor reported in Ekurhuleni Actor and media mogul Shona Ferguson passes away due to Covid-19 related complications | Citypress

Brent crude futures were down 64c, or 0.9%, at $72.44 a barrel at 9am GMT, extending a 1.8% decline on Thursday. The contract is set to be largely steady for the week.US West Texas Intermediate (WTI) crude futures were down 53c, or 0.8%, at $70.51 a barrel, after retreating 1.5% on Thursday and is also set to be flat on the week.

On Wednesday, Brent settled at its highest price since April 2019 while WTI settled at its highest since October 2018.“Oil markets retreated sharply overnight as a stronger US dollar and falling commodity prices elsewhere saw the overbought technical correction continue,” said Jeffrey Halley, senior market analyst at Oanda. headtopics.com

The dollar has rocketed in the two sessions since the US Federal Reserve projected possible rate hikes in 2023, earlier than market watchers previously expected. A rising dollar makes oil more expensive in other currencies, curbing demand.The prospect of rate increases also weighed on the longer-term growth outlook, which would eventually hurt oil demand, in contrast to the near-term outlook for growth in demand as Covid-19 related curbs on movement and business activity ease and road and air travel pick up, said Westpac senior economist Justin Smirk.

“The near term’s all very positive. The question is how much further can it rise, how much scope is there if you’re looking at an environment where interest rates are going to rise,” Smirk said.Oil prices also fell after Britain on Thursday reported its biggest daily rise in new cases of Covid-19 since February 19, with government figures showing 11,007 new infections vs 9,055 a day earlier.

Adding to negative sentiment were remarks from Iran’s top negotiator on Thursday saying talks between Tehran and Washington on reviving the 2015 Iran nuclear deal have come closer than ever to an agreement. Read more: Business Day »

5 ways to help after the devastating looting in KZN

Communities in KwaZulu-Natal are desperate for even the most basic food staples after a week of devastating looting and violence. In honour of Mandela Day, and in the spirit of Ubuntu, here are five ways you can help out.

Oil falls as US dollar strengthens after Fed’s hawkish surpriseLosses were limited by a large drop in crude inventories Tears grips my heart knowing how hard I've struggled to find a legit trader. I never wanted to do this but I'll be guilty if i don't share this good news to people to join the best trader have ever know. Thanks for helping me and i will forever be grateful to you LisaJackson022

The Underground Railroad: For us, not by us | CitypressThis big budget show boasts an elaborate set and all the immersive trimmings of a show based on slavery. We’re taken to Georgia in the south of the US, and the height of slavery wherein the story of a young girl, Cora – played by South African actress Thuso Mbedu – comes to life like a moving mural. For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Blakescott64 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success

Oil prices dip on resurgent dollarLosses limited by drop in US crude stockpile and forecasts of pick-up in demand in second half of the year

REUTERS: Hedge funds bullish on oil amid global recoveryCrude prices signal the need for more output to prevent the market overheating

US youth activists fight for ‘algorithmic justice’‘These youth are amazing — and they recognise just like they did with climate — that adults have failed’

US and UK reach Boeing-Airbus truceCountries agree to five-year suspension of tariffs stemming from Airbus-Boeing dispute on various goods following similar pact with EU