Oil slips due to stronger dollar and rising US crude production
A key Opec and non-Opec meeting looms, at which members, and Russia, may agree to raise output; US crude production hits a record high of 10.9-million bpd
New York — Oil prices slipped on Thursday, pressured by a strengthening dollar, rising US crude production, and expectations that oil cartel Opec could decide to increase output at their meeting next week. Brent crude oil lost 82c to trade at $75.92 a barrel by 3.32pm GMT, while West Texas Intermediate (WTI) crude slipped 24c to $66.40. Brent and WTI hit three-and-a-half-year highs in May but have since drifted lower, indicating investors expect the market to soon become better supplied as US crude production rises and as Opec and its allies look poised to increase output. The dollar gained against a basket of currencies, making moves towards the six-month highs it hit in late May as the euro fell broadly as the European Central Bank (ECB) planned to keep interest rates at record lows into the summer of 2019. "[ECB president Mario] Draghi came out a little bit more dovish than people thought he was going to be. And that really caused the euro to take a dip and the dollar to go up, w...
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