Allinformation.com- World crude oil prices under pressure as the dollar the United States (US) rose against other major currencies. This reduces the appeal of crude oil in dollars from investors holding other currencies.
The price of light sweet crude for December delivery fell US $ 1.76 to US $ 78.78 a barrel on the New York Mercantile Exchange. Meanwhile, the price of Brent crude oil for December delivery fell US $ 1.08 to US $ 84, 78 per barrel. So quoting from Xinhua, Tuesday (04/11/2014).
The strengthening of the dollar affect oil prices. The dollar rose against other major currencies on Monday this week amid market speculation that the central bank the United States (US) Federal Reserve / Fed will raise interest rates. While central banks in Europe and Japan continue to provide monetary stimulus.
The release of manufacturing data also color the oil trade. Pour the Euro zone manufacturing remains in a state of stagnation in October. PMI index rose slightly to 50.6 in October from September in the range of 50.3.
While the US manufacturing sector activity slowed in October. PMI index slipped to 55.9 in September from 57.5 range.
In addition, Saudi Arabia reducing oil costs are exported to the United States to face the increase in oil production in North America has pressured oil prices.
Saudi Arabian Oil Co., the state-owned oil producers have cut the price to be exported to the US. Traders see the move as a battle to grab market share.
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