Oil Dips As Robust Dollar Offsets Stock Drawdown

Reuters

NEW YORK, July 30 (Reuters) - Crude futures settled down on Thursday, pressured by a rally in the dollar which countered bullish sentiment from a drawdown in U.S. stockpiles that was much steeper than expected.

Position squaring ahead of the expiry of the front-month contracts in gasoline and diesel also diverted some investor attention from crude, brokers said.

Oil has slid more than $10 a barrel over the past month. Global benchmark Brent neared a six-month trough earlier this week and U.S. futures neared four-month lows, pressured by a global glut, a resurgent dollar and China's tumbling stock market.

Oil prices got support on Wednesday after U.S. government data showed an unexpectedly large weekly draw of more than 4 million barrels of crude, or at least 20 times what analysts expected.

The market rose the positive wave from the data higher again early on Thursday, advancing by up to 1 percent before gains unraveled in afternoon trade.

Brent settled down 7 cents, or 0.1 percent, at $53.31 a barrel.

U.S. crude closed lower by 27 cents, or 0.6 percent, at $48.52.


123

View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Protection Coordinator
Expertise: Risk Management|Security
Location: TX
 
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
 
Project Coordinator, Pipeline Construction
Expertise: Project Management
Location: Spring, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours