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22 Apr 2014
Oil slumps on stronger dollar
FXStreet (Edinburgh) - The barrel of WTI is bouncing off multi-day lows around the $102.00 mark, following a stronger tone from the US dollar on Tuesday.
Renewed geopolitical jitters in Ukraine, rising Treasuries and a better-than-expected US docket are all collaborating with the bullish momentum in the greenback, now easing from intraday peaks near 80.00. The barrel of the benchmark light crude oil is now losing almost two dollars, in a tug-of-war to keep the $102.00 mark and extending the correction from recent tops above $104.00. Next of note will be the API’s report on inventories, due tonight, with market consensus expecting further building up in stocks.
At the moment WTI is down almost 2% just above $102.40.
Renewed geopolitical jitters in Ukraine, rising Treasuries and a better-than-expected US docket are all collaborating with the bullish momentum in the greenback, now easing from intraday peaks near 80.00. The barrel of the benchmark light crude oil is now losing almost two dollars, in a tug-of-war to keep the $102.00 mark and extending the correction from recent tops above $104.00. Next of note will be the API’s report on inventories, due tonight, with market consensus expecting further building up in stocks.
At the moment WTI is down almost 2% just above $102.40.