Oil dips as US output rises, still set for strongest January in five years

Brent crude oil prices eased below $70 a barrel on Monday as rising U.S. output undermined efforts led by OPEC and Russia to tighten supplies, but prices were still on track for their strongest start to the year in five years.

Brent crude futures were down 60 cents at $69.92 a barrel by 7:51 a.m. ET (1251 GMT), while U.S. West Texas Intermediate (WTI) crude futures fell 34 cents to $65.80 a barrel.

So far this month, the Brent crude price has risen by 5.5 percent through last week’s close.

One of the key drivers has been the dollar, which has lost about 3 percent against a basket of major currencies so far this year.
more detail at:  https://www.cnbc.com/2018/01/28/oil-markets-focus-on-strong-demand-ongoing-opec-led-supply-restraint.html

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