American Dollar to Canadian Dollar = 0.798801; American Dollar to Chinese Yuan = 0.157767; American Dollar to Euro = 1.134769; American Dollar to Japanese Yen = 0.008787; American Dollar to Mexican Peso = 0.048892.
https://www.x-rates.com/table/?from=USD&amount=1.00
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Futures rose 0.2 percent, leaving prices in London little changed on the week. They jumped above $65 for the first time since 2015 earlier on Tuesday after the Forties pipeline in the U.K. shut down because of a crack. Those gains were eroded as the International Energy Agency’s voiced doubts the market would fully rebalance in 2018, diverging from the view of OPEC. “It’s been volatile,” Torbjorn Kjus, analyst at DNB Bank ASA, said by phone. If the Forties pipeline is “out for a month, it should have a positive effect” on prices as 10 million barrels of oil supply could easily be lost to the market. Click Read More below for additional information.
Crude in New York fell 0.4 percent as traders cashed in after yesterday’s 3.1 percent surge. The oil market is nearing the end of the “lower for longer” era with a shortage likely in 2019, trading house Trafigura said Tuesday. Turkey can “close the valves” on oil shipments from Kurdistan, Turkish President Recep Tayyip Erdogan said after the Iraqi region held a vote on independence.
Oil has gained more than 10 percent this month on forecasts for rising crude demand and as members of the Organization of Petroleum Exporting Countries maintain production cuts to drain a global glut. The market rebalancing has helped flip the futures curve into backwardation, a structure where immediate deliveries of oil are more expensive than longer-dated ones, signaling strong demand. Brent prices jumped to a two-year high on Monday before retreating Tuesday.
“It’s pure profit taking,” Torbjorn Kjus, oil market analyst at DNB Bank ASA said by phone. “It’s very natural. The most natural thing would be if we lose some more during the day, but so far it’s holding up almost unexpectedly well after that very large rally yesterday.” Click Read More below for more of the story.
National Average Price for Regular Unleaded Current: $3.248; Month Ago: $3.462; Year Ago: $3.470. National Average Price for Diesel Current: $4.215; Month Ago: $4.451; Year Ago: $5.154.