Traders have been questioning whether the major oil exporter and de facto head of OPEC, will help make up for any oil lost from the market, or move to extend a production-cut agreement with major producers that’s due to expire at the end of June. Saudi Arabia has pledged to boost oil output if needed, as the Trump administration starts banning all Iran oil exports. But behind the scenes, Riyadh and Washington face a likely showdown over the number of extra barrels the kingdom would supply to global markets to keep crude prices stable. Click Read More below for additional information.
US Dollar to Canadian Dollar = 0.801862; US Dollar to Chinese Yuan = 0.159720; US Dollar to Euro = 1.095276; US Dollar to Japanese Yen = 0.008332; US Dollar to Mexican Peso = 0.065868
read more/source: http://www.x-rates.com/table/?from=USD&amount=1.00
Brent crude capped its third annual decline in 2015 and has already lost more than 11 percent so far this year. The Organization of Petroleum Exporting Countries effectively abandoned output limits in December, potentially worsening a global glut, while U.S. stockpiles remain about 100 million barrels above the five-year average. Oil tumbled last week on volatility in Chinese markets after the country sought to quell losses in equities and stabilize its currency. A 3.2 percent increase in the U.S. dollar -- as implied by a possible 15 percent yuan devaluation -- may drive crude in the high $20s, Morgan Stanley said. If other currencies move as well, the shift by both the dollar and oil could be even greater, according to the report.
The logo Sen. Ted Cruz (R-Texas) selected for his 2016 presidential campaign has left some graphic designers baffled. Cruz unveiled the symbol on Monday when he announced his White House bid and immediately social media lit up with posts comparing the image to either a tear or an upside down burning flag. Others pointed out the similarity of Cruz's logo to the symbols for the Al Jazeera news service, the satiric Onion newspaper, and the flame representing the Tinder dating app. Artist Milton Glaser, the celebrated designer behind the "I ♥ NY" logo, expressed confusion at Cruz's messaging.