WASHINGTON (dpa-AFX) - Crude oil prices are trading weak amidst a strong dollar that has hurt sentiment for the black liquid. The dollar's surge came amidst PMI updates from the Euro Area which showed unexpected declines and spurred bets of rate cuts by the European Central Bank. The update on economic activity weakened the euro which has a 57.6 percent weight in the Dollar Index.
The Dollar surged earlier in the day lifting the six-currency Dollar Index to as high as 108.07. It has since eased to 107.43 but is still 0.43 percent higher on an overnight basis.
Brent Oil Futures for January settlement is currently trading at $74.14, having slipped 0.12 percent from the previous close of $74.23.
The day's trading ranged between $72.91 and $74.87 whereas the 52-week trading range was between $68.29 and $91.18.
Gains in the past week exceed 4.3 percent. On a year-to-date basis, the loss is 3.6 percent.
West Texas Intermediate (WTI) Crude Oil Futures for January settlement edged up 0.01 percent from the previous close of $70.10 to trade at $70.11.
Prices ranged between a high of $70.75 and a low of $69.29 in the day's trading. Trading ranged between $65.27 and $87.67 over the past 52 weeks.
Gains in the past week exceed 4.6 percent. On a year-to-date basis, the loss is 2.3 percent.
Both Brent and WTI crude have declined close to 9 percent over the past one year.
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