10Jun
sgx-asx

Oil falls on stronger dollar; high refinery demand lends support

SINGAPORE: 

  • Oil prices fell on Friday, as a stronger dollar pulled crude off the 2016 highs hit this week, although strong refinery demand and global supply disruptions lent some support.

  • International Brent crude oil futures were trading at $51.59 per barrel at 0537 GMT, down 36 cents from their last settlement. U.S. West Texas Intermediate (WTI) futures were down 38 cents at $50.18 a barrel.
  • Analysts said that a rebound in the dollar had dented oil prices by making fuel imports for countries using other currencies more expensive.
  • “Oil prices eased back from a near 12-month high as the dollar reversed its recent trend,” ANZ bank said on Friday.
  • However, strong overall oil demand especially from refineries, as well as supply disruptions, were helping to keep prices from falling faster and further.
  • “Despite falling slightly overnight, the outlook for oil (prices) remains positive – which should keep the recent upward trend intact,” ANZ added.
  • Crude prices have virtually doubled since touching their lowest in more than a decade in early 2016 as strong demand and supply disruptions erode a glut that pulled down prices by as much as 70 percent from a mid-2014 peak.

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