Off the wire
• More countries signing up to global pact to curb illegal fishing: UN agency  • Roundup: UN urges concerted action to combat human trafficking  • 117 Boko Haram fighters killed by Chadian army  • WFP starts distributing food to 340,000 people in Aden, Yemen  • Chicago soybeans, wheat, corn rally on upbeat U.S. sales  • Urgent: U.S. stocks end narrowly mixed amid GDP data  • 1st LD Writethru: U.S. dollar soars on rate-hike expectation  • (Recast) U.S. initial jobless claims rise from almost 42-year low  • U.S. initial jobless claims rise from almost 42-year low  • Six wounded in stabbing attack during Jerusalem's gay parade  
You are here: 　 Home

1st LD Writethru: Oil prices slip on strong U.S. dollar

Xinhua, July 31, 2015 Adjust font size:

Oil prices inched down Thursday as a rally in the U.S. dollar weighed on the market.

The U.S. dollar rose against other major currencies Thursday as robust economic data from the country bolstered market expectation for an interest-rate hike by the year-end.

U.S. economy expanded at an annual rate of 2.3 percent in the second quarter, a moderate bounce from the revised 0.6 percent increase in the first quarter, the Commerce Department reported Thursday.

A stronger greenback made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

Oil prices did not lose much as the concern of global supplies glut eased.

U.S. crude supplies of last week decreased 4.2 million barrels to 459.7 million, 92.3 million barrels more than one year before, according to Energy Information Administration's Wednesday weekly report.

U.S. crude production fell 145,000 barrels to 9.413 million barrels a day that week.

The West Texas Intermediate for September delivery moved down 27 cents to settle at 48.52 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 7 cents to close at 53.31 dollars a barrel on the London ICE Future Exchange. Endite