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Oil rises and buyers are cautious amid the rise of the dollar

Oil rises and buyers are cautious amid the rise of the dollar

Mo4ch News : Oil prices rose slightly Friday, due to the growing popularity of buying futures contracts, and despite doubts about the extent of compliance by all producers. To end rough week on a limited gains by the rise of the dollar and doubts about OPEC producers commitment to the agreement of the private organization to cut production.
The futures rose to global crude measurement Brent 21 cents to $ 57.10 a barrel in after-driven settlement in the range 56.28 to $ 57.47 a barrel. And achieved a decade’s earnings for the second week in a row.

And it increased futures for WTI US mediator in the settlement 23 cents to $ 53.99 a barrel, after trading in a range of 53.32 to $ 54.32 a barrel.

Rising dollar

The dollar generally rose against major currencies, a year after it showed US non-farm payrolls report a slowdown in hiring in December and an increase in wages, putting the economy on a growth path and further raise interest rates by the Federal Reserve (the US central bank).

The rising dollar makes oil more expensive for holders of other currencies.

While Saudi Arabia’s biggest showed oil exporter in the world and Gulf allies Kuwait and Abu Dhabi signals a commitment to reduce production agreement reached by the OPEC and other producers, the market watchers doubts about the compliance of all producers.

Source : Rebounds

Any signs that the producers will not carry out the royal family could lead to a decline in morale and thus lower prices strongly as Capital Economics said in a note.

About Walid Ali

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