Oil prices drop amid strong US dollar

GMT 19:33 2015 Saturday ,24 October

Arab Today, arab today Oil prices drop amid strong US dollar

Oil prices drop
New York - XINHUA

Oil prices fell Friday as the stronger U.S. dollar made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The U.S. dollar increased against other major currencies Friday as the economic data from the country came out better than expected.

Oil prices were also dragged down by the supply glut. U.S. crude supplies of last week gained 8 million barrels to 476.6 million barrels, 98.9 million barrels more than one year before, according to the weekly report published by the Energy Information Administration Wednesday.

Data released by oil service company Baker Hughes Friday showed that the number of active U.S. oil-drilling lost 1 to 594 this week.

The rig data gave the market some support as traders believed that U.S. oil companies continued to cut the expense in face of the low oil prices.

The West Texas Intermediate for December delivery moved down 78 cents to settle at 44.6 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 9 cents to close at 47.99 dollars a barrel on the London ICE Futures Exchange.


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