Oil breaks above $71 for first time in 3 years

by Editor

January 25, 2018 | 12:09 pm
  |     |     |   Start Conversation

The price of oil broke the $71 marker for the first time in three years on Thursday, buoyed by a falling dollar.

Brent crude, the international benchmark, rose 0.7 per cent in Asia trading to reach $71.03 a barrel, its highest since late 2014. It has now added 4.65 per cent this year.  It is now trading at $70.75 a barrel.

The move came as the US currency dipped to a fresh three-year low after the US Treasury secretary backed the trend for a weaker dollar.

Speaking at the World Economic Forum, Steven Mnuchin said: “A weaker dollar is good for us as it relates to trade and opportunities”.

Mr Mnuchin’s comments sent the dollar index, a measure of the greenback against major peers, to its lowest since December 2014.

West Texas Intermediate, the key US oil price, was up 1.1 per cent at $66.31 a barrel, its highest since 2014, as a fall in US oil inventories further bolstered oil prices.

login to view this content or Register here

by Editor

January 25, 2018 | 12:09 pm
  |     |     |   Start Conversation

Big Read |  


90 [ninety] candles for Dr. J.K. Randle

Continued from last week. When John Campbell served as the Ambassador of the United States of America to Nigeria from...

Top 100 (300 x250)



Election Banner