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Wednesday, 14 December 2016

Crude sell-off steepens as dollar strengthens

Crude sell-off steepens as dollar strengthens:
"Brent crude, the global oil marker, fell 3.5 per cent to $53.79, while West Texas Intermediate, the US oil benchmark, dropped 4 per cent to $50.83 a barrel — extending their earlier declines.

The move came as the DXY dollar index, a gauge of the greenback against a basket of peers, jumped 0.8 per cent — after the Federal Reserve lifted interest rates for the first time in a year and signalled more interest rate rises next year than previously thought.

Strength in the dollar, the currency in which oil is denominated, makes it more expensive to foreign buyers."

'via Blog this'