Crude oil falls after dollar goes higher

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Crude oil prices continued to fall. They extended their losses from Friday after the U.S. dollar rose to a three-week high. The number of oil rigs that have resumed production are rising.

WTI crude futures fell 0.4%, or 30 cents, to $71.67/barrel (05:59 ET) after dropping 64 cents on Friday.

Brent crude oil fell 0.4%, or 27 cents, to $75.07 per barrel after falling 33 cents on Friday.

Crude oil prices fell, while the dollar rose to a three-week high after Friday’s rally. This was due to strong U.S. retail sales data. This raises expectations among investors that the Federal Reserve will start tapering bond purchases before the end of the year.

A stronger dollar makes dollar-denominated oil expensive for holders of other major currencies.

In addition, the increase in the U.S. rig count continued to drive oil prices lower. The oil and gas rig count rose by 9 to 512 in the week ended September 17, the highest level since April 2020 and twice as high as at this time in 2020.

The Spot Market is Open

Monday, September 20, 2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
12.18
1,749.40
1,750.40
-4.40
-0.25%
1,742.60
1,756.30
Silver
12.18
22.29
22.39
-0.07
-0.31%
22.03
22.50
Platinum
12.18
914.00
924.00
-20.00
-2.14%
902.00
947.00
Palladium
12.18
1,880.00
2,030.00
-70.00
-3.59%
1,864.00
2,110.00
Rhodium
10.22
11,600.00
13,600.00
-300.00
-2.52%
11,600.00
13,900.00
Energy
Updated at

Price

Change

%Change
Crude oil
12.18

71.34

-0.63

-0.88%

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