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Oil Down as Dollar and U.S. Rig Count Both Tick Upwards By Investing.com



© Reuters.

By Gina Lee

Investing.com – Oil was down Monday morning in Asia, extending its losses from the earlier Friday. The black liquid prolonged its losses from Friday because the strengthened and the , at the same time as virtually 1 / 4 of U.S. Gulf of Mexico output remained shut after Hurricanes Ida and Nicholas.

have been down 0.54% to $74.90 by 10:12 PM ET (2:12 AM GMT. fell 0.75% to $71.28 after rolling over to the November 2021 contract on Sep. 19. Each Brent and WTI futures remained above the $70 mark, nevertheless.

The greenback inched up on Monday.

Oil fell alongside a buck that was close to a three-week excessive on Friday. U.S. knowledge launched on the identical day confirmed that September’s and indexes have been at 67.1 and 71 respectively.

Expectations are additionally mounting that the U.S. Federal Reserve will start asset tapering later in 2021, with the central financial institution attributable to hand down its on Wednesday.

“WTI futures could consolidate over the subsequent few buying and selling periods till the trajectory of the greenback is a little bit clearer,” OANDA analyst Edward Moya stated in a notice.

A rising U.S. rig depend additionally contributed to grease’s downward development. Baker Hughes stated on Friday that the oil and fuel rig depend rose by 9 to 512 within the week to Sep. 17, its highest since April 2020 and double the extent from the identical time in 2020.

The U.S. Bureau of Security and Environmental Enforcement stated that 23% of the crude output from the Gulf of Mexico, or 422,078 barrels per day, remained offline as of Friday.

Disclaimer: Fusion Media want to remind you that the information contained on this web site is just not essentially real-time nor correct. All CFDs (shares, indexes, futures) and Foreign exchange costs aren’t supplied by exchanges however quite by market makers, and so costs will not be correct and should differ from the precise market value, that means costs are indicative and never acceptable for buying and selling functions. Due to this fact Fusion Media doesn`t bear any accountability for any buying and selling losses you may incur on account of utilizing this knowledge.

Fusion Media or anybody concerned with Fusion Media won’t settle for any legal responsibility for loss or injury on account of reliance on the knowledge together with knowledge, quotes, charts and purchase/promote alerts contained inside this web site. Please be absolutely knowledgeable concerning the dangers and prices related to buying and selling the monetary markets, it is among the riskiest funding types potential.





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