Oil Dips to One-Month Low on Strong Dollar and OPEC+ Uncertainty
- Rising fuel stocks and U.S. production adding to bearishness
- Talks continue between UAE and Saudis on OPEC+ compromise
This article is for subscribers only.
Oil slid to a four-week low Thursday as the dollar strengthened and on OPEC+’s signal it may raise output soon.
Futures in New York slid 2% on Thursday with a rising U.S. dollar reducing the appeal of commodities priced in the currency. Traders are watching to see whether the OPEC+ alliance sets a date to formalize a deal to hike production after delegates said Wednesday the United Arab Emirates made significant progress in resolving its standoff with Saudi Arabia. In the U.S., an inventory report this week showing expanding fuel supplies and crude production also weighed on prices.