Brent Steady, US Crude Down Ahead Of Contract Expiry

Reuters

NEW YORK, Nov 19 (Reuters) - Brent oil futures settled steady on Thursday while U.S. crude fell ahead of the expiry of the front-month contract and continued pressure from large inventory builds.

A weaker dollar and stronger refining margins for gasoline, which could prompt refiners to turn more crude into the motor fuel, helped limit the downside in crude.

The dollar fell to a near one-week low against a basket of currencies, making crude and other commodities denominated in the greenback more affordable for holders of currencies, such as the euro.

U.S. gasoline futures rose more than 1 percent to above $1.28 a gallon after a report of delays in Irving Oil's restart of the gasoline-making unit at its 300,000-barrels-per-day refinery in St. John, New Brunswick.

Brent futures settled up 4 cents at $44.18 a barrel, after hitting a low of $43.70 earlier in the session.

U.S. crude's West Texas Intermediate (WTI) futures settled down 21 cents at $40.54. It had earlier snapped below the key $40-a-barrel support for a second time since Wednesday.

"The dollar is certainly helping commodities today," said Scott Shelton, energy broker and commodities specialist at ICAP in Durham, North Carolina.


123

View Full Article

Copyright 2016 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
Direct sales OIL & GAS Measurement Solutions' and distributed pro
Expertise: Sales
Location: Oklahoma City, OK
 
Chemical Sales Manager - North Louisiana - Paper & Packaging
Expertise: Sales
Location: Shreveport, LA
 
Chemical Sales Manager - Central Eastern GA -Tissue & Packaging
Expertise: Sales
Location: Augusta, GA
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours