← Go back Dec 12, 2023
Subscribe Search Search Sort by Relevance Title Date Subscribe ALBAWABA – Oil prices steadied on Tuesday and the US Dollar held on to most its overnight gains as the Organization of Petroleum Exporting Countries and its allies (OPEC+) scrambles to reach a consensus over additional output cuts. Also Read Annual inflation in Turkey up again The US dollar slipped slightly against the Japanese yen, which has strengthened to 146.79 against the greenback, from 147.19 on Monday, according to Agence France-Presse (AFP). Across the Atlantic, the US dollar gained against both the Pound Sterling and the Euro. The Euro lost $0.0032, down from $1.0839 to $1.0807, and the Pound slipped from $1.2632 to $1.2614. Meanwhile, Bloomberg’s US Dollar Index Spot was down 0.03 percent by 1229 Amman Time, at 103.6860, as oil prices edged up slightly. Brent crude futures ticked down $0.01 to $78.02 a barrel by 0402 GMT, according to Reuters, while West Texas Intermediate (WTI) crude futures were up $0.05 at $73.09 a barrel. AFP reported both benchmarks up more than 0.2 percent in early trading sessions. Brent was up 0.2 percent, at $78.22 per barrel, and the United States (US) WTI crude was up 0.3 percent, at $73.22 per barrel, according to AFP. Typically speaking, oil prices and the US dollar share an inverse relationship, i.e. when the US dollar goes up, oil prices go down and vice versa - Shutterstock Overall, Brent crude held above $78 a barrel, Bloomberg reported, after having by more than 6 percent in in the three sessions preceding Tuesday’s, while WTI was steady over $73. Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg News the additional cuts would “overcome” an expected inventory build in the first quarter. More so, the organization may decide to carry these cuts further into 2024 if needed. Still, OPEC+ has yet to announce a decision. An initial agreement was reported over the weekend, but the agreement was not unanimous. As a result, the decision has gone to a vote, which Saudi Arabia is advocating. But the results of the ballot have yet to be announced. Also Read Bitcoin breaks over $40k on US-trading approval optimism The decision, should the members of the organization vote in favour of, would add an additional one million barrel per day cut, on top of another one million barrel per day cut enacted earlier this year. In addition to the voluntary cuts by Saudi Arabia and Russia, all to bolster and stabilize oil prices. Subscribe Sign up to our newsletter for exclusive updates and enhanced content Subscribe Now Subscribe Sign up to get Al Bawaba's exclusive celeb scoops and entertainment news Subscribe to our newsletter for exclusive updates and enhanced content Subscribe
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