Key Currency Exchange Rates for Friday, 6/30/23
American Dollar to Canadian Dollar = 0.753788; American Dollar to Chinese Yuan = 0.137574; American Dollar to Euro = 1.086280; American Dollar to Japanese Yen = 0.006912; American Dollar to Mexican Peso = 0.058565.
https://www.x-rates.com/table/?from=USD&amount=1.00
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Oil Steadies as Libya Restarts Biggest Oil Field After Stoppage
Futures in New York rose 0.2 percent after a 3.6 percent decline last week. The Sharara field, Libya’s biggest, has started producing again after stopping on Sunday following a closure of the pipeline carrying oil to the Zawiya refinery, according to a person with knowledge of the matter. The halt came shortly after protests disrupted output at another Libyan deposit in February. Libyan production had been surging in recent months, becoming a thorn for the market on concern that further growth could test the country’s pledge to curb production as part of OPEC’s plan to limit a global oversupply. The increase, together with warnings of rising U.S. output from organizations including the the International Energy Agency, has prevented prices from regaining the highs of January even as most OPEC members continue to cut supply. Click Read More below for additional information.
Oil Edges up Towards $49, U.S. Drilling Slowdown Supports
Oil edged up to about $49 a barrel on Monday as fewer drilling rigs were added in the United States, helping ease concerns that surging shale supplies will undermine OPEC-led production cuts.
U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes (BHGE.N) said on Friday. RIG-OL-USA-BHI Rig additions in the past four weeks averaged five, the slowest pace since November.
Expectations that a long-awaited crude market rebalancing was under way was also bolstered by the sharp drop in U.S. crude inventories in the week to July 7.