Investing.com - Crude
rebounded mildly in Asia Monday with traders taking advantage of
recent declines, though the overall outlook remains one of ample
On the New York Mercantile Exchange, crude oil for delivery in
October traded at $93.40 a barrel, up 0.04%, after shedding 0.33%
to end last week at $93.65 a barrel by close of trade on Friday,
the lowest since Jan. 14.
Crude prices have slid more than 12% over the last two months as
fears of supply disruption stemming from geopolitical tensions have
eased and oil has become more abundant.
Brent oil, the global benchmark, fell 0.3% to $102.29 a barrel
on the ICE Futures Europe Exchange.
The October Brent contract lost 1.19% on the week, its second
consecutive weekly loss.
The dollar was boosted Friday following comments from Federal
Reserve Chair Janet Yellen.
Speaking at the Fed's annual meeting of top central bankers and
economists in Jackson Hole, Wyoming, on Friday, Yellen said the
U.S. economy is recovering and added the labor market is improving
Her remarks came after minutes of the Fed's July meeting
published Wednesday showed that some officials believe the
strengthening recovery and ongoing improvement in the labor market
supports a move towards tightening monetary policy.
Dollar-denominated oil futures contracts tend to fall when the
dollar rises, as this makes oil more expensive for buyers in other
Tensions over the crisis in Ukraine remained in focus after NATO
said it was observing an alarming increase in Russian forces near
the border with Ukraine.
Ukraine declared on Friday that Russia had launched a "direct
invasion" of its territory after Moscow sent a convoy of aid trucks
across the border into eastern Ukraine where pro-Russian rebels are
fighting government forces.
In the week ahead, investors will be looking ahead to key U.S.
data for further indications on the strength of the economy and the
possible future path of monetary policy.
The U.S. will produce data on second quarter gross domestic
product, as well as reports on new home sales, durable goods orders
and initial jobless claims.
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