Crude oil futures settled lower Sept. 7 as a stronger US dollar and a sharp decline in Saudi Arabia's crude prices for Asian buyers overshadowed bullish Chinese import data and extended US Gulf of Mexico production issues. NYMEX October WTI settled down 94 cents at $68.35/b, and ICE November Brent gave up 53 cents to settle at $71.66/b. The ICE US Dollar Index climbed to 92.544 in afternoon trading, rallying off a one-month low close of 92.035 the session prior. "Crude prices slumped alongside a broad commodity selloff that stemmed from a surging dollar," OANDA senior market analyst Ed Moya said in a note, adding: "With the oil market still stuck in deficit, WTI crude might see limited downside even if the dollar rally gains traction."
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