Saturday, 30 July 2016

U.S. Crude Ends 4-Day Skid Amid Weaker Dollar

Crude futures inched up on Friday after hitting a $40 handle for the first time since April, ending the month sharply lower one day after entering a bear market due to renewed concerns of global oversupply. On the New York Mercantile Exchange, WTI crude for September delivery traded between $40.58 and $41.66 a barrel before closing at $41.52, up 0.38 or 0.92% on the session. 


Despite halting a four-day losing streak, WTI crude still ended July down roughly 13% on the month. On the Intercontinental Exchange (ICE), brent crude for October delivery wavered between $42.52 and $43.60 a barrel, before settling at $43.47, up 0.24 or 0.56% on the day. Oil futures bounced off three-month lows on Friday, as the U.S. Dollar fell sharply amid weak GDP data and a soaring Yen. 

 

As a result, the Dollar plunged more than 2.5% against the Yen to an intraday-low of 102.12, its lowest level in nearly three weeks. The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, fell more than 1% on Friday to an intraday low of 95.67. The index is on pace for its fifth straight losing session after hitting four-month highs at 97.62 on Monday. Dollar-denominated commodities such as Crude become more expensive for foreign purchasers when the dollar appreciates. 

 

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