Crude oil prices fell in early Asia Monday as a stronger dollar weighed and ahead of China trade data. On the New York Mercantile Exchange, crude oil for delivery in January traded at $65.00 a barrel, down 0.94%, after it tumbled 97 cents, or 1.45%, on Friday to end the week at $65.84 a barrel. Last week, oil futures declined again on Friday to end near the lowest level in five years as a broadly stronger U.S. dollar combined with indications Saudi Arabia lowered prices to buyers in the U.S. and Asia weighed. On the ICE Futures Exchange in London, Brent for January delivery hit a session low of $68.10 a barrel, before settling at $69.07, down 57 cents, or 0.82% on Friday. The U.S. dollar rallied after the Department of Labor said that the U.S. economy added 321,000 jobs in November, far more than the 225,000 forecast by economists and the largest monthly increase in almost three years. October’s figure was revised up to 243,000 from a previously reported 214,000, while the unemployment rate remained unchanged at a six-year low of 5.8%. Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies. Meanwhile, Saudi Arabia’s state-run oil company lowered official selling prices for its crude in January to the lowest in at least 14 years for buyers in the U.S. and Asia, it announced on Thursday.
Posted on: Mon, 08 Dec 2014 04:09:44 +0000
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