Oil drops 9 per cent on week on stronger dollar, glut warning

Global oil prices tumbled on Friday and fell 9 per cent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency (IEA) that the oil glut is growing.



Data that showed a sharp drop in the number of US rigs drilling for oil failed to inspire market bulls.



Benchmark Brent oil settled near a one-month low below $55 a barrel and US crude settled near a 2-1/2 month low under $45.



Brent closed at $54.67, down $2.41, or 4.2 per cent, on the day. US crude finished at $44.84, down $2.21, or 4.7 per cent. Both dropped 9 per cent on the week.



Brent’s premium to US crude, a spread that commands one of the biggest volumes in oil, turned volatile, moving from a 10-day high of $11 a barrel to below Thursday’s close of $10.



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Posted in: Indian Market Tips