Oil Price Fundamental Daily Forecast – Strong Dollar, Gulf Facilities Recovery Encouraging Profit-Taking
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are inching lower on Thursday, but inside yesterday’s trading range, suggesting investor indecision and impending volatility.
The markets are being pressured by a stronger U.S. Dollar, which is making the dollar-denominated asset more expensive for foreign buyers, and easing of concerns over potential storm damage from Hurricane Nicholas and profit-taking after steep four day rally. Traders are shrugging off IEA and OPEC forecasts calling for a jump in future demand after pricing in this news earlier in the week.
At 13:30 GMT, December WTI crude oil futures are trading $71.71, down $0.13 or -0.18% and December Brent crude oil futures are at $74.68, down $0.10 or -0.13%.
US Dollar Edges Higher with Focus on Fed for Taper Clues
The dollar climbed to the higher end of recent ranges against other major currencies on Thursday, as traders looked to next…
