Commodities

Oil falls on stronger dollar, US oversupply concerns

2019-02-11 17:48:37 GMT (Economies.com)

Oil prices declined today after data pointed to increased US output, in turn rousing oversupply concerns, while the dollar index gained ground. 

 

Baker Hughes reported an increase in the oil rig count last week to 854 rigs. 

 

As of 16:28 GMT, the dollar index rose 0.4% to 97.02, with a session-high at 97.08, and a low at 96.62. 

 

A stronger deal dollar greenback-denominated commodity futures and makes them costlier to holders of other currencies. 

 

As of 16:23 GMT, US West Texas rose 2.3% to $51.4 a barrel, with a session-high at $52.7, and a low at $51.2. 

 

Brent rose 1.5% to $61.1 a barrel, with an intraday high at $62.3, and a low at $60.9. 

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