Oil Drops on Signs of Rising Russian Exports and Dollar Gains
- Russia will increase its oil exports 3% in the fourth quarter
- WTI crude futures still posted fourth straight weekly gain
The Petroleos Mexicanos (PEMEX) Dos Bocas Refinery under construction in Paraiso, Tabasco state, Mexico
Photographer: Cesar Rodriguez/BloombergThis article is for subscribers only.
Oil declined amid Russia’s plans to boost upcoming overseas oil sales and as the dollar rallied.
Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the U.S. dollar reduced investor interest in commodities priced in the currency.