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Oil prices decline on strong U.S. dollar

Xinhua, November 18, 2016 Adjust font size:

Oil prices declined Thursday as a strong U.S. dollar offset market's optimism over an oil output freeze deal.

The U.S. dollar rose against other major currencies on Thursday after Federal Reserve Chair Janet Yellen said the central bank was close to raising interest rates.

The strong greenback made the dollar-priced crude oil more expensive and less attractive for buyers holding other currencies.

Ample crude supplies also weighed on the market. The U.S. crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose 5.3 million barrels last week to 490.3 million, up 7.7 percent year on year, according to the U.S. Energy Information Administration.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members will hold informal and consultative meeting on Friday in order to reach an agreement regarding the current situation of the energy market, Qatar's Energy Minister Mohammed Al-Sada said on Thursday.

Algeria and Saudi Arabia said earlier this week they were optimistic that a final output freeze deal could be made by the end of this month. Russia also expressed its willingness to support the deal.

OPEC reached a preliminary agreement to curb oil production in September and will meet on Nov. 30 to formalize the deal. However, disagreement persists among producers on details of the plan.

The West Texas Intermediate for December Delivery lost 15 U.S. cents to settle at 45.42 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery erased 14 cents to close at 46.49 dollars a barrel on the London ICE Futures Exchange. Endit