Key Currency Exchange Rates for Friday, 8/18/23

American Dollar to Canadian Dollar = 0.793222 American Dollar to Chinese Yuan = 0.148758 American Dollar to Euro = 1.183841 American Dollar to Japanese Yen = 0.009043 American Dollar to Mexican Peso = 0.056105

Oil has advanced this month on forecasts for rising crude demand and as U.S. Gulf Coast plants recover from Hurricane Harvey, which halted almost a quarter of the nation’s refining capacity. Nine months into the OPEC-led supply agreement, implementation of the pledged production cuts remains high. Nigeria, which is currently exempt from making cuts, reiterated that it would accept a cap once output stabilizes around 1.8 million barrels a day. “Today’s meeting of the Joint Ministerial Monitoring Committee is lending buoyancy,” Commerzbank said in a note. “Although no binding promises to extend or expand the agreement can be expected, Nigeria – which like Libya had not signed up to the production cuts – is at least showing a willingness to come on board.” Click Read More below for more of the story.

Oil steadied near $67 a barrel as markets regained some composure following renewed trade tensions between the U.S. and China, political turmoil in Europe and simmering concerns that OPEC may ease its output curbs. Futures in New York were little changed, though still almost $6 below last week’s high. China said it would respond accordingly to U.S. President Donald Trump’s plan to impose tariffs on $50 billion of Chinese imports. Encouraging economic data in Europe blunted panic related to Italy’s political crisis, which on Tuesday helped boost a gauge of oil market volatility to its highest level since February. Click Read More below for additional information.