Oil market dips on stronger dollar

GMT 15:19 2014 Monday ,29 September

Arab Today, arab today Oil market dips on stronger dollar

World oil prices
London - AFP

World oil prices slid on Monday as dealers took their cue from the strengthening US dollar, analysts said.
Brent North Sea crude for delivery in November shed 53 cents to stand at $96.47 a barrel in London midday deals.
US benchmark West Texas Intermediate for November reversed 52 cents to $93.02 a barrel.
In foreign exchange activity, the euro struck the lowest level against the dollar for almost two years, slumping to $1.2664 before rebounding.
The euro is coming under pressure from concerns about weak eurozone growth, while the dollar is benefiting from US Federal Reserve plans to bring to a stop its stimulus programme in October.
"The stronger US dollar is not helping oil prices at the moment," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP.
"It's pretty quiet at the moment and the oil market just seems happy to drift along," he added.
The greenback was also buoyed by an upward revision to the second-quarter US economic growth estimate.  
The US Commerce Department said Friday the economy grew 4.6 percent in April-June, faster than previously estimated.
A stronger greenback makes dollar-priced oil more expensive for buyers using weaker currencies, denting demand and pushing prices lower.
Analysts said investors would scrutinise key US data to be released this week for clues about demand in the world's top crude consumer.
Data on personal income and spending in August will be released later Monday, while other key releases in the week include construction spending, vehicle sales and non-farm payrolls for September.



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