Oil Slips as U.S. Crude Inventories Show Signs of Increasing

Oil fell, compounding a monthly decline, after U.S. crude inventories were said to rise by more than expected.

Futures in New York fell 0.6 percent, set for the first monthly drop since February. On Wednesday, the American Petroleum Institute was said to report a 1 million barrel increase in crude stockpiles, double the gain forecast in a Bloomberg survey of analysts. Prices have declined about 4 percent since Saudi Arabia and Russia last week proposed to phase out supply curbs by OPEC and its allies.

Oil had surged earlier this month — with benchmark Brent climbing above $80 a barrel — driven by Donald Trump’s decision to renew American sanctions on OPEC member Iran and as Venezuelan output plunged amid an economic crisis. More recently, prices have been weighed down by concerns over the Saudi-Russia plan to revive output, as well as fears over U.S.-China trade frictions and European political turmoil.
more at: https://www.msn.com/en-us/finance/markets/oil-slips-as-us-crude-inventories-show-signs-of-increasing/ar-AAy2P5m

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Key Currency Exchange Rates for Friday, 12/15/17

American Dollar to Canadian Dollar = 0.782780; American Dollar to Chinese Yuan = 0.151320; American Dollar to Euro = 1.179860; American Dollar to Japanese Yen = 0.008915; American Dollar to Mexican Peso = 0.052188.

Crude Oil Prices Steady Near Multi-Year Highs

Crude oil prices steadied near multi-year highs on Wednesday, even as concerns over geopolitical tensions began to ease, as supply cut efforts by global oil producers continued to support the commodity. Oil prices had climbed amid Iranian protests, marking the biggest challenge to the country's clerical leadership since 2009. However, the protests were showing no signs of impacting Iran's oil production. Crude prices continued to be supported by production cuts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018. Click Read More below for additional information.
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