Oil is falling with the rise of the dollar and the...


Oil prices fell on Monday, extending losses from last week, after the US dollar jumped to a three-week high and the number of US drilling rigs increased, even though nearly a quarter of US production in the Gulf of Mexico remained shut down after two hurricanes.
Brent crude futures fell 61 cents, or 0.8%, to $74.73 a barrel, after falling 33 cents on Friday. US West Texas Intermediate crude futures fell 66 cents, or 0.9%, to $71.31 a barrel, after falling 64 cents on Friday.
“The advance of the US dollar over the past two days has caused some market headwinds,” ING Bank researchers said in a note today.
Oil fell as the dollar approached a three-week high after rallying on Friday on the back of better-than-expected US retail sales data. This reinforced expectations that the US Federal Reserve will start reducing its asset purchases later this year. A rising dollar makes oil priced in it more expensive for holders of other currencies, limiting demand.
The rising number of drilling rigs in the United States also pressured oil prices. Baker Hughes said on Friday that the number of oil and gas rigs rose by 9 to 512 in the week ending September 17, the highest level since April 2020, and its level compared to the same period last year.
The Bureau of Safety and Environmental Enforcement said 23% of US crude production in the Gulf of Mexico, or 422,078 barrels per day, was shut down by Friday.
(Reuters)





These were the details of the news Oil is falling with the rise of the dollar and the... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Gold prices today, Saturday, October 16, 2021 in Lebanon
NEXT What are the reasons for the deterioration of the Turkish lira...

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]