Commodities

Oil prices edge higher as dollar slips

2022-07-04 08:09:28 GMT (Economies.com)

Oil futures tilted higher in Asian trade as the dollar index backed off June 15 highs amid a lack of data today from the US while investors assess developments in China and the Ukrainian crisis. 

 

As of 06:13 GMT, US crude futures due in August rose 0.13% to $108.94 a barrel, while Brent September futures rose 0.55% to $112.22 a barrel, as the dollar index shed 0.07% to 105.06.

 

Covid 19 cases surged once more in China, triggering concerns once more about another lockdown in major cities. 

 

Latest World Health Organization data showed Covid 19 infections rose to 545 million cases worldwide, with the death toll hitting 6.33 million.

 

On the Ukrainian front, Ukrainian troops withdraw from the east officially with Russia about completely seize Lohansk.

 

Otherwise, OPEC + decided last week to maintain previous decision to increase output by 648 thousand bpd in July and August. 

 

Baker Hughes data showed the US oil rigs rose by one rig last week to 595 rigs, the highest since March 2020, with rigs increasing for the 23rd month in a row, while production rose 100 thousand bpd to 12.1 million bpd, the highest since April 2020. 

 

US oil production fell 0.9 million barrels, or 8% from record highs at 13.1 million bpd in March 2020, while hitting record lows in August 2020 at 9.7 million bpd before recent recovery. 

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