empty
 
 

2022.05.0519:16:00UTC+00Oil Futures Pare Some Gains As Dollar Rebounds

Crude oil futures settled higher on Thursday, continuing to benefit from the recent proposal by the European Union to impose sanctions on Russian oil.

After rising sharply higher, oil prices pared some gains as the dollar rebounded on safe haven buying.

The dollar index, which had tumbled on Wednesday after the Federal Reserve Chair Jerome Powell came out with a less hawkish tone, ruling out aggressive interest rate hikes, rose sharply to 103.94 today, a near 20-year high.

West Texas Intermediate Crude oil futures for June ended higher by $0.45 or about 0.4% at $108.26 a barrel, well off the day's high of $111.37 a barrel.

Brent crude futures were up $0.68 or 0.6% at $110.82 a barrel a little while ago.

The Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, today agreed on a small production increase for June.

The group decided to raise production targets by 432,000 barrels per day for next month, sticking to an existing strategy of gradually unwinding record supply cuts.

  • 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