Oil Declines as Dollar Strengthens on Kudlow's Currency Remarks - Bloomberg

Oil Declines as Dollar Strengthens on Kudlow's Currency Remarks - Bloomberg:

Oil slumped after remarks by a key aide to U.S. President Donald Trump sent the dollar higher, reducing the attractiveness of commodities priced in greenbacks. 


Futures dropped as much as 0.5% in New York on Friday after White House economic adviser Larry Kudlow told CNBC the U.S. ruled out any intervention in foreign-exchange markets. The Bloomberg dollar index jumped to the highest in more than a month. Trader shrugged off escalating tension in the Persian Gulf region, where Iran tested a medium-range ballistic missile and European powers worked to assemble a naval mission to protect shipping.

West Texas Intermediate for September fell 0.3% to $55.87 a barrel at 10:46 a.m. on the New York Mercantile Exchange. The contract was up 0.5% for the week.

Brent for September settlement was little changed at $63.31 on the ICE Futures Europe Exchange and has gained 1.7% this week. The global benchmark traded at a $7.44 premium to WTI.