Key Currency Exchange Rates for Friday, 11/8/24
American Dollar to Canadian Dollar = 0.719476; American Dollar to Chinese Yuan = 0.139584; American Dollar to Euro = 1.077291; American Dollar to Japanese Yen = 0.006560; American Dollar to Mexican Peso = 0.050080.
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Oil Rises Above $50 as Iraq Raises Prospect of More OPEC Action
West Texas Intermediate futures added 0.4 percent. Iraqi Oil Minister Jabbar al-Luaibi said there’s support in the Organization of Petroleum Exporting Countries to deepen output curbs by about 1 percent. Still, Iraq has failed to deliver the supply cuts it committed to under the current agreement. U.S. refiners are delaying scheduled maintenance as they resume operations after Hurricane Harvey, supporting demand for crude.
Iraq’s suggestion “has a minor influence on prices -- if it would have come from Saudi Arabia, it would probably have had a bigger impact,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. Click Read More below for more of the story.
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. Click Read More below for additional information.