Oil futures advance as dollar rebounds from early 2015 lows

Oil futures advance as dollar rebounds from early 2015 lows

Oil futures rose in American trade even as the dollar index rebounded from the lowest since January 2, 2015, following earlier data from the US, the world's largest energy consumer, which showed the JOLTS job openings rose unexpectedly in July. 

As of 06:09 GMT, US crude futures due on October 15 rose 0.48% to $48.30 a barrel from the opening of $48.07, while Brent crude futures due on November 15 gained 0.80% to $54.27 a barrel from the opening of $53.84, as the dollar index edged up 0.05% to 91.92 from the opening of 91.87.

Earlier this week, Saudi energy ministry said that Khaled Al Faleh, the minister, is currently discussing with his Venezuelan and Kazakhstan counterparts a possible extension to the global output deal beyond March 2018 to maintain balance in the markets and limit inventory buildups. 

Earlier, Baker Hughes, an oil services company, reported a drop of 3 in the US oil rig count for the third week in a month to a total of 756 rigs, the lowest since June 16. 

Otherwise, Goldman Sachs said that recent US hurricanes damaged demand levels considerably in the world's largest oil consumer, with the biggest hits focusing on demand rather than output, which probably paved the way for record increases in the country's reserves.

 

Source : http://m.economies.com

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