Key Currency Exchange Rates for Friday, 9/18/20

American Dollar to Canadian Dollar = 0.724714; American Dollar to Chinese Yuan = 0.138063; American Dollar to Euro = 0.976118; American Dollar to Japanese Yen = 0.006601; American Dollar to Mexican Peso = 0.049899.

Oil prices are approaching the highs of January, after a wider market rout spurred the worst February decline in half a decade. The Organization of Petroleum Exporting Countries and its allies have concluded they will eradicate the oil surplus by September even as investors continue to weigh those comments against surging U.S. crude production. U.S. crude inventories fell by 2.62 million barrels last week, the Energy Information Administration said Wednesday. Analysts had forecast a gain of 3.25 million barrels, and only two of the 12 surveyed had expected a decline. America’s gasoline inventories also tumbled for a third week to the lowest level since late January, while distillate stockpiles contracted for a sixth straight week to the least since December. Click Read More below for additional information.

Futures advanced 0.9 percent in New York. American crude inventories tumbled by 6.5 million barrels last week, more than double the average estimate in a Bloomberg survey. Exports surged by the most on record as domestic explorers sent cargoes to foreign shores where they fetched higher prices. “Crude inventories are just taking a nose-dive,” Matt Sallee, who helps manage $16 billion in oil-related assets at Tortoise Capital Advisors LLC, said by telephone. The price gap that’s making American oil more attractive to overseas buyers is “supporting pretty robust exports.” Yet, gasoline stockpiles rose for a sixth week and diesel supplies unexpectedly edged higher. Click Read More below for additional information.