Oil
futures fell for a fifth straight session on Tuesday to settle at their
lowest level in two weeks, as traders braced for industry data that are
likely to show another increase in U.S. crude supplies.
West
Texas intermediate crude for May fell $1.11, or 2.8%, to settle at
$38.28 a barrel on the New York Mercantile Exchange. The settlement was
the lowest since March 15. May Brent crude on the ICE Futures exchange
declined by $1.13, or 2.8%, to $39.14 a barrel.
WTI
oil was trading even lower at around $38.19 before Fed Chairwoman Janet
Yellen’s speech to the Economic Club of New York. She defended the
central bank’s decision to move cautiously on interest-rate hikes
pointing to shaky global economies.
Commodities
priced in dollars can find support from a weaker dollar, as a decline
in the U.S. unit can boost the attractiveness of those commodities to
holders of other currencies.
WTI
crude prices were trading nearly 14% higher for the month, buoyed by
expectations that members of the Organization of the Petroleum Exporting
Countries and other key producers will agree on a plan to stabilize
output when they meet on April 17 in Doha, Qatar.
Source: Marketwatch
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