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OIL held near a four-month high as a stronger dollar capped a rally spurred by a bigger-than-expected drain from US stockpiles.
Futures were little changed in New York, after having climbed above $60 a barrel on Wednesday for the first time since November when US government data showed that nationwide stockpiles fell by the most since July. The dollar gained, undermining investors’ appetite for crude and other commodities priced in the US currency.
“Oil stocks are getting a little bit tighter than what we’ve been used to,” said Phil Streible, senior market strategist at RJO Futures Group Inc. in Chicago. “But the dollar index is going up and weighing on oil.”
Crude has rallied more than 30 percent to start the year as output reductions by the Organisation of Petroleum Exporting Countries and its partners, as well as supply disruptions in Venezuela and Iran, countered growing American shale production. Still, the gains have been checked by concerns that a slowing global economy and a protracted trade dispute between the US and China will impede fuel consumption.
ALL SHARE
The All Share index closed the week in red after dropping a significant 4.45 points 3,53 percent to close at 121.56 points. Innscor led the losers with a $0,1141 loss to trade at $1,2559, Econet eased $0,1015 to end at $1,0002 and Cassava
Smart tech traded $0,1002 lower at $1,0000. First Mutual Holdings also decreased by $0,0250 to $0,1030 and Hippo Valley Estates was $0,0211 down at $1,5289.
Masimba was the only counter trading in the positive gaining $0,0050 to close at $0,0860.
Online Reporter