Key Currency Exchange Rates for Friday, 12/4/20

American Dollar to Canadian Dollar = 0.731094; American Dollar to Chinese Yuan = 0.136855; American Dollar to Euro = 1.052716; American Dollar to Japanese Yen = 0.006684; American Dollar to Mexican Peso = 0.055826.

Futures were little changed in New York after falling 0.8 percent Friday. Prices still capped a fifth weekly gain last week, the longest run since October 2016. The plan to boost security was reported by Al-Arabiya television on Saturday, citing the energy ministry of Saudi Arabia, the world’s top crude exporter. The pipeline resumed pumping later in the day after a brief halt. Oil has climbed about 20 percent since the start of September as global supplies tighten and speculation mounts that the Organization of Petroleum Exporting Countries will extend output curbs past the end of March. In the U.S., drillers last week increased the rig count by the most since June, according to Baker Hughes. “Political developments in Saudi Arabia sent bullish ripples across the energy complex,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London. Click Read More below for additional information.

Oil is losing steam after rising more than 5 percent last month as Trump repeatedly raises the stakes against China, rattling markets. Along with other risky assets, oil took a blow on concern the escalating tension will threaten growth that drives energy demand amid record U.S. output. That could hinder the efforts of the Organization of Petroleum Exporting Countries and its allies to curb a global glut and prop up prices. “The market is currently concerned for the escalating China-U.S. trade war tensions,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “And with good reason, since this will be bad for global growth and oil demand growth further down the road.” Click Read More below for additional information.