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Oil prices fall as output cuts stall, dollar rises

Xinhua, March 3, 2017 Adjust font size:

Oil prices fell on Thursday after data showed weak compliance with an output cut deal reached by major producers last year.

Media reports said Thursday that Russia's February oil output was unchanged from January, with cuts remaining at just a third of the levels it pledged under the agreement with the Organization of the Petroleum Exporting Countries.

A stronger U.S. dollar also weighed on green-back denominated oil, making it more expensive for buyers in other currencies.

The dollar increased against other major currencies on Thursday as hawkish remarks from Federal Reserve officials bolstered market speculation for a rate-hike later this month.

The dollar index, which measures the greenback against six major peers, increased 0.44 percent at 102.230 in late trading Thursday.

The West Texas Intermediate for April Delivery erased 1.22 dollars to settle at 52.61 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 1.28 dollars to close at 55.08 dollars a barrel on the London ICE Futures Exchange. Endit