Crude Moves Lower on Strong Dollar, Nervous Traders

摘要

Oil futures retreated further on Friday as traders took profits against the backdrop of a stronger dollar and the potential that oil above $50 had enticed US operators to add drilling rigs. "Everyone is getting memories of what happened last year, when prices rose and then rig counts followed," said Phil Flynn of Chicago's Price Futures Group. "And so that is making people nervous and causing them to take some profits here." Baker Hughes data showed the US rig count climbed higher the week ended Jun. 10 for the second straight week (related).