|09-05-2014, 12:31 AM||#1|
Crude oil futures retreat as U.S. dollar hits 14-month high
Crude oil prices fell below $95 per barrel on Thursday, reversing Wednesday’s sharp gains as a rate cut from the European Central Bank hit dollar-denominated commodities as the dollar surged to its highest in 14 months.
The ECB cut interest rates unexpectedly to spur economic growth and stave off the threat of deflation.
The decision prompted a sell-off to the euro, sending it to its lowest since early July 2013.
Analysts and experts expect more volatility these two days as they await key economic data from the U.S. and developments in Ukraine.
The White House said NATO leaders agreed that Russia should face increased sanctions for its actions in eastern Ukraine. Investors will be watching nonfarm payrolls data on Friday for further clues on the outlook for the U.S. economy and the future of Federal Reserve monetary policy.
President Barack Obama, British Prime Minister David Cameron, French President Francois Hollande, German Chancellor Angela Merkel and Italian Prime Minister Matteo Renzi sat down with Ukraine President Petro Poroshenko on the fringes of the summit.
Investors also shrugged off data by the U.S. government that showed crude oil inventories fell for the third straight week in the U.S.
-WTI crude oil futures for October delivery fell 1.05% or $1.00 to $94.54 a barrel.
-Brent Crude for October delivery fell 0.66% or 68 cents to $102.08 a barrel.
U.S. crude underperformed Brent due to a smaller-than-forecast drop in stocks at the oil hub in Cushing, Oklahoma. East Coast refiners are finding it harder to take crude from the Bakken shale area due to railway maintenance, making the oil more likely to head to Cushing.
The U.S. dollar index, which tracks the value of the U.S. dollar against a basket of other major currencies, jumped to 83.81, the highest since July 11 2013.
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