Oil climbs on weaker dollar, but rise in U.S. drilling drags

The Crusader Journal

An oil rig drilling a well at sunrise near Midland, Texas An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. Picture taken May 3, 2017. REUTERS/Ernest Scheyder

By Jane Chung

SEOUL (Reuters) – Oil prices rose early on Monday on a weaker dollar, but increased U.S. drilling activity stoked worries that a global supply glut would persist despite efforts by some producers to curb output.

Brent crude futures were up 24 cents, or 0.53 percent, at $45.78 per barrel at 0047 GMT (8.47 p.m. ET).

U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.49 percent, at $43.22 per barrel.

The U.S. dollar index stayed low on Monday against a basket of currencies amid fading expectations for the Federal Reserve to hike interest rates again later this year. A weaker dollar also makes oil cheaper for countries using other currencies.

“Commodities stabilized after a turbulent week where…

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Author: Lisa the Infidel

I am an #Infidel - born and bred North Carolina.

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