ZCZC
BCN-19
US-ENERGY-OIL-PRICE
Oil prices sink amid rising greenback
NEW YORK, Nov. 20, 2019 (BSS/Xinhua) – Oil prices continued to pull back
on Tuesday, as U.S. dollar rose against other major currencies.
The dollar index, which measures the greenback against six major peers,
increased 0.07 percent at 97.8588 in late trading.
Oil prices were weighed down by a stronger greenback, which made the
dollar-priced oil less attractive to holders of other currencies.
It’s “unlikely” that Russia will deepen its oil output cuts after a policy
meeting with its allies at the Organization of the Petroleum Exporting
Countries (OPEC) next month, according to a report of Reuters.
OPEC and its allies, including Russia, have carried out a deal to cut oil
output by a total of 1.2 million barrels per day since Jan. 1.
The West Texas Intermediate for December delivery slumped 1.84 U.S.
dollars to settle at 55.21 dollars a barrel on the New York Mercantile
Exchange.
Brent crude for January delivery erased 1.53 dollars to close at 60.91
dollars a barrel on the London ICE Futures Exchange.
BSS/XINHUA/HR/1150