Oil prices settle mixed amid weaker U.S. dollar, oversupply concerns
Xinhua,February 16, 2018 Adjust font size:
NEW YORK, Feb. 15 (Xinhua) -- Oil prices closed mixed on Thursday as traders assessed a weaker U.S. dollar against record U.S. crude productions.
A weaker U.S. dollar made the dollar-priced commodity more attractive for holders of other currencies.
The U.S. dollar declined for a fourth straight session on Thursday as investors meditated on a slew of economic reports.
The 4-week moving average was 228,500, an increase of 3,500 from the previous week's revised average.
Meanwhile, the rising U.S. crude output continued to weigh on investor sentiment. U.S. crude output hit a record 10.27 million barrels per day, according to the Energy Information Administration (EIA) Wednesday.
The EIA now expects U.S. production to top 11 million barrels per day in late 2018, a year earlier than its last month' s projection.
The West Texas Intermediate for March delivery increased 0.74 U.S. dollar to settle at 61.34 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery added 0.03 dollar to close at 64.33 dollars a barrel on the London ICE Futures Exchange. Enditem