Off the wire
• Ghana applauds young world boxing champion  • 1st LD Writethru: Over 300 arrested, five people stabbed at Notting Hill Carnival in London  • Gold up on continued reaction to Yellen comments  • Belarus president guarantees most favorable business conditions for Chinese companies  • Russia to destroy 6.5 tons of powdered milk imported from Czech  • U.S. stocks rebound after Yellen speech  • 3rd LD Writethru: Belgium's crime lab hit by arson attack, no casualties reported  • Israeli defense minister rules out deal with Hamas over Israeli soldiers' bodies  • U.S. Secretary of Transport to travel to Cuba for renewal of direct air links  • South Africa school "racist hair policy" under fire  
You are here: 　 Home

Oil prices decline amid output glut, stronger dollar

Xinhua, August 30, 2016 Adjust font size:

Oil prices fell on Monday on market concerns over increasing Middle East crude output and a stronger U.S. dollar.

Iraq, which has exported more crude from its southern ports in August, will continue to add output, its oil minister said on Saturday, according to media reports.

Oil prices were also under pressure as the dollar index, which measures the greenback against six major currencies, soared to three-week highs in the previous session on speculation that the Federal Reserve may raise interest rates by year-end.

A stronger greenback dents market sentiment as it makes the dollar-dominated oil less attractive for holders of other currencies.

The West Texas Intermediate for October delivery lost 0.67 U.S. dollars to settle at 46.97 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.66 dollars to close at 49.26 dollars a barrel on the London ICE Futures Exchange. Endit