empty
 
 

2017.03.2314:40:00UTC+00Crude Oil Slips Below $48 As Dollar Firms

Crude oil futures were lower Thursday as the dollar firmed on rate hike chatter and upbeat economic news.

Federal Reserve Bank of San Francisco President John Williams told Wall Street Journal he expects the central bank to raise rates three or four times this year.

Meanwhile, new home sales in the U.S. saw a substantial increase in the month of February, the Commerce Department revealed in a report on Thursday, with sales jumping to their highest level in seven months.

Concerns the OPEC's supply quota plan will not alleviate the global supply glut also weighed on oil prices.

Yesterday, the U.S. EIA reported crude oil inventories jumped another 4.5 million barrels to a record high.

WTI light sweet crude oil was down 35 cents to $47.69 a barrel, stuck near its lowest levels since November.

Traders are looking ahead to Friday afternoon's U.S. oil rig count from Baker Hughes. The rig count has been constantly rising this winter.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback