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- Oil little changed in early trading
Oil little changed in early trading
This morning, New York crude oil futures for WTI rose by + 0.13% to $ 47.04 and Brent oil futures were down -0.10% to $ 49.40 per barrel. Thus, the black gold trading flat on the background of the dollar's decline and is waiting for new signals about a possible oil producers agreement to freeze oil output at a meeting in September. The US currency moved away from the highs on Monday as traders await employment data in the US, which, according to the deputy chairman of the Federal Reserve Stanley Fischer, will be an important factor for an early rate hike. The weakness of the dollar makes purchasing oil cheaper for holders of other currencies, potentially fueling demand.
In addition, analysts doubt the possibility of real joint OPEC action and so are closely watching the commentaries of producer countries.
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