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Code: 47101 Visited: 477 Publish Date: Feb 03 2018 - 1:57
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IRENEX
Oil Heads for Biggest Weekly Drop Since October
Tehran, Feb. 03 (SENA) - Major oil markets are on track for their biggest weekly drop in four months after a stronger US dollar sent prices sliding on Friday.

Tehran, Feb. 03 (SENA) - Major oil markets are on track for their biggest weekly drop in four months after a stronger US dollar sent prices sliding on Friday.

Brent crude, the global oil benchmark, was down 1.9 per cent at $68.33 a barrel, facing its largest one-day drop since December 12. West Texas Intermediate, the US marker, was off 1.7 per cent and on track for its biggest fall since December 6. For the week, Brent was down 3.2 per cent and WTI was 2.1 per cent weaker: these were their worst weekly performances since the first week of October. Financialtimes reported.

The dollar strengthened following data showing US job growth beat economists expectations in January and wages climbed at the quickest pace since 2009. Oil and the greenback tend to enjoy an inverse relationship, with overseas buyers better able to buy the dollar-denominated commodity when the currency weakens.

Data on January 31 from the Energy Information Administration showed US crude production hit 10.038m barrels a day in November, just 6,000 short of the record notched in November 1970. Energy was the worst performer of the S&P 500’s 10 major sectors on Friday and was nursing a 3.2 per cent fall in mid-morning trade. The equities benchmark was down 0.8 per cent.

Compounding the drop in the oil price were weaker-than-expected quarterly earnings from sector giants Chevron, which suffered disruptions at some of its operations due to hurricanes, and ExxonMobil, which continued to lose money on production in the US during the quarter.

 
By: Security and Exchange News Agency (SENA)
 
 
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