Oil prices extend losses on stronger U.S. dollar
Xinhua,March 09, 2018 Adjust font size:
NEW YORK, March 8 (Xinhua) -- Oil prices retreat further on Thursday as a stronger U.S. dollar made the dollar-priced commodity less attractive for holders of other currencies.
The U.S. dollar index rose against most other currencies in late trading on Thursday, as investors were awaiting for more details about U.S. President Donald Trump's tariff plan.
The dollar index, which measures the greenback against six major peers, increased 0.58 percent at 90.163 in late trading.
Investor sentiment was also dented by rising U.S. crude production, which hit a record high of almost 10.4 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA).
The EIA said it expects U.S. crude output in the fourth quarter of 2018 to reach an average of 11.17 million bpd, up from the previous forecast a month ago of 11.04 million bpd.
The West Texas Intermediate for April delivery decreased 1.03 U.S. dollars to settle at 60.12 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.73 dollar to close at 63.61 dollars a barrel on the London ICE Futures Exchange. Enditem