Markets > Commodities

U.S. oil prices extend gains amid weaker U.S. dollar

2018-08-28 09:01

Already collect

Oil prices kept rising on Monday as a weaker U.S. dollar made the dollar-priced commodity more attractive for holders of other currencies.

The U.S. dollar retreated further on Monday amid reports that the United States and Mexico struck a trade deal that might pave the way for replacing the North American Free Trade Agreement (NAFTA).

The dollar index, which measures the greenback against six major peers, fell 0.55 percent at 95.1468 in late trading.

The biggest reduction of U.S. oil-rig count last week also provided some upward jolts to the market.

The number of rigs operating in U.S. oil fields fell by 9 to a total of 860 rigs in the week, which was the biggest reduction since May 2016, oilfield service firm Baker Hughes said in its weekly report on Friday.

The West Texas Intermediate for October delivery rose 0.15 U.S. dollar to settle at 68.87 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery added 0.39 dollar to 76.21 dollars a barrel on the London ICE Futures Exchange.
Add comments

Latest comments

Latest News
News Most Viewed