Oil prices extend losses on stronger U.S. dollar
Xinhua,November 29, 2017 Adjust font size:
NEW YORK, Nov. 28 (Xinhua) -- Oil prices continued to fall Tuesday as a stronger U.S. dollar made the greenback-denominated oil less attractive for holders of other currencies.
The U.S. dollar rose against most other major currencies on Tuesday after U.S. Federal Reserve chair nominee Jerome Powell said he expected the central bank to continue monetary tightening and to ease regulatory burdens on financial system.
The dollar index, which measures the greenback against six major peers, was up 0.45 percent at 93.318 in late trading.
Meanwhile, traders were awaiting details about an extension to OPEC-led (Organization of the Petroleum Exporting Countries) production cuts that have boosted prices.
OPEC and other key oil producers will meet on Nov. 30 to discuss whether to extend the current price-supporting curbs on crude output.
The West Texas Intermediate for January delivery decreased 0.12 U.S. dollar to settle at 57.99 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery dipped 0.23 dollar to close at 63.61 dollars a barrel on the London ICE Futures Exchange. Enditem