Key Currency Exchange Rates for Friday, 09/08/17 at 13:07 UTC

Futures were little changed in New York after falling 0.6 percent on Wednesday. Prince Mohammed said in an interview with Bloomberg News in Riyadh that "of course" he wanted to extend OPEC’s production cuts in 2018, making it all but certain the group and its allies will roll over the curbs at a meeting next month. Oil is holding gains above $50 a barrel as speculation mounts that supply curbs by members of the Organization of Petroleum Exporting Countries and its allies including Russia will be prolonged when they meet in Vienna on Nov. 30. In Iraq, the state oil company is working with a Kurdish firm to resume pumping at two disputed fields after government troops recaptured them from Kurdish forces. Click Read More below for additional information.

Futures fell as much as 1.1 percent in New York and are set for a 2.6 percent drop this week. Trump ordered his administration to consider levies on an additional $100 billion in imports from the Asian nation, spurring a flight from risk assets on concern a full-blown trade war will deter global economic growth. That was only a day after both American and Chinese officials signaled they’re willing to talk about the escalating conflict. “We now have to start looking at the U.S.-China trade war as a downward geopolitical risk,” said Olivier Jakob, managing director at consultants Petromatrix GmbH. “This is starting to not be funny anymore, and there is a risk to reach a point where global asset markets become tired of the White House wars and move back into cash.” Click Read More below for additional information.

Futures in New York rose 0.2 percent after a 3.6 percent decline last week. The Sharara field, Libya’s biggest, has started producing again after stopping on Sunday following a closure of the pipeline carrying oil to the Zawiya refinery, according to a person with knowledge of the matter. The halt came shortly after protests disrupted output at another Libyan deposit in February. Libyan production had been surging in recent months, becoming a thorn for the market on concern that further growth could test the country’s pledge to curb production as part of OPEC’s plan to limit a global oversupply. The increase, together with warnings of rising U.S. output from organizations including the the International Energy Agency, has prevented prices from regaining the highs of January even as most OPEC members continue to cut supply. Click Read More below for additional information.