Oil settles lower after dollar reverses losses

Oil settles lower after dollar reverses losses

Oil settles lower after dollar reverses losses

Oil prices settled lower on Thursday, giving back gains after the USA dollar reversed course on comments from President Donald Trump.

According to OPEC data, the drop ranks as the fifth-largest single-year production loss experienced by one country since 2000, right after the 749,000 bpd by which Iraq's production fell in 2003, the year US and coalition forces invaded. By 1430 BST, it was a little below that level, at $70.64 per barrel, a gain of 0.89%.

The US dollar rose against a basket of currencies after President Donald Trump said he wanted a "strong dollar". "Almost every commodity class is being driven up by this extended dollar fall".

Oil fell as the dollar rose. U.S. Treasury Secretary Steven Mnuchin said on Wednesday a weaker dollar was "good for us".

Oil prices settled lower on Thursday after touching the highest prices since December 2014.

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The supply cuts led by OPEC and Russian Federation started a year ago and are aimed at getting rid of excess supply that had weighed on prices.

In a further sign the glut is clearing, US crude inventories fell for a record 10th straight week to the lowest since February 2015, official figures showed on Wednesday.

USA crude oil production is expected to surpass 10 million barrels per day (bpd) in February, on the way to a record ahead of previous forecasts, according to the U.S. Energy Information Administration.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 3.2 million barrels, EIA said.

Crude oil futures were flat Thursday, hovering near yesterday's 3-year highs. "That alone would be enough reason for a sizable rally right here".

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US output has grown by more than 17 per cent since mid-2016, and is now on par with that of top exporter Saudi Arabia.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers outside the oil cartel, including Russian Federation, had agreed late past year to extend an accord to hold back crude output by 1.8m barrels a day till the end of 2018.

United States crude stockpiles have been dropping, underscoring the idea that global supply is rebalancing after a glut.

Saudi Arabia - the de facto leader of OPEC - indicated earlier in the week that the participants could continue to hold back production beyond this year.

However, rising USA shale oil output has cast a shadow over the oil rally, as higher prices encourage more investment in expanding supplies.

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That drop came despite another increase in the production of oil to some 9.9 million barrels per day.

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