February 20, 2017

oil prod.

Crude prices inched down on Monday, paring 3 per cent gains in the previous session, as the dollar firmed and traders eyed persistent concerns over a global oil glut despite some signs oil producers may try to tackle weak oil prices.

The US dollar held firm as Friday’s disappointing US jobs growth figures did little to change investors’ perception that the Federal Reserve is likely to raise interest rates in coming months.

London Brent crude for November delivery was down 37 cents at $46.46 a barrel by 0353 GMT, after settling up $1.38 on Friday.

NYMEX crude for October delivery was down 35 cents at $44.09 a barrel. Trading in US crude is likely to be limited on Monday because of the US Labor Day holiday.
Brent rallied to above $50 a barrel in late August helped by growing talk of a coordinated production freeze, but prices have since fallen as few believe OPEC will cut output.

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