|08-25-2014, 01:13 PM||#1|
Oil futures little changed in early trade
Crude oil looked calm early Monday, with Brent still holding near a 14-month low amid increasing global supplies. The dollar rose to the highest since January, keeping the dollar-denominated commodities pressured with the start of the week.
Oil futures saw a quiet opening this morning as the political developments in Ukraine, Libya and Iraq over the weekend didn`t have much of impact on the prices, given the undisrupted supplies. However, the geopolitical tensions continue to weigh on the oil sentiment as well as the buoyant dollar as the Federal Reserve left interest rate hike options opened at the Jackson Hole gathering on Friday.
As of 03:27 a.m. ET:
West Texas Intermediate for delivery in October was up 0.03% at $93.68 a barrel in the New York Mercantile Exchange
Brent for October delivery was down 0.02% at $102.32 a barrel in the ICE Exchange in London
Uncertainty was very high ahead of the weekend following news that Russia has, technically at least, invaded Ukraine with its humanitarian convoy. Demand for safety was boosted but speculation of an eventual increase in US interest rates boosted the dollar, keeping the lid on safe havens over the weekend.
Janet Yellen is keeping her options open, urging the hawks to look beyond just the unemployment rate, which has been coming down, but conceding that rates could go up sooner than expected and faster than expected should the jobs market and inflation pick up steam.
The Dollar Index (USDIX), which tracks the performance of the greenback against a six-currency basket, held near the highest January around 82.68.
In Libya, geopolitical unrest escalated over the weekend amid deadly fighting in the capital that destroyed the Tripoli airport during the weekend, but absence of supply disruptions given that the country loaded a second tanker at its largest oil port in Es Sider kept the prices afloat.
As for Iraqi oil exports, holding at record levels despite the ongoing offensive by ISIS (Islamic State in Iraq and the Levant) against civilians in the north of the country.
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