Oil below $44 US on rate fears, China trade data
North American oil prices fell below $44 US a barrel on Monday, hurt by reports of China's economic slowdown and a high U.S. dollar.
West Texas Intermediate oil, the benchmark North American contract, was down by 43 cents to $43.87 US a barrel on Monday at the close. Brent, the international contract traded in London, fell 17 cents to $47.25 US a barrel.
Oil prices have been in decline for the last four trading days, after a strong U.S. jobs report and comments by Federal Reserve chair Janet Yellen pointed to a strong likelihood of a rate increase by the U.S. this year.
A rate increase could push the American currency higher, making oil more expensive for the rest of the world.
The U.S. dollar is already higher in anticipation and the Canadian dollar was trading at 75.32 cents US.
There is also concern about reduced global demand as the world prepares for the climate change summit in Paris.
..more..
Oil below $44 US on rate fears, China trade data - Business - CBC News
North American oil prices fell below $44 US a barrel on Monday, hurt by reports of China's economic slowdown and a high U.S. dollar.
West Texas Intermediate oil, the benchmark North American contract, was down by 43 cents to $43.87 US a barrel on Monday at the close. Brent, the international contract traded in London, fell 17 cents to $47.25 US a barrel.
Oil prices have been in decline for the last four trading days, after a strong U.S. jobs report and comments by Federal Reserve chair Janet Yellen pointed to a strong likelihood of a rate increase by the U.S. this year.
A rate increase could push the American currency higher, making oil more expensive for the rest of the world.
The U.S. dollar is already higher in anticipation and the Canadian dollar was trading at 75.32 cents US.
There is also concern about reduced global demand as the world prepares for the climate change summit in Paris.
..more..
Oil below $44 US on rate fears, China trade data - Business - CBC News
