Crude prices sink as strong greenback wipes out OPEC cut optimism
On Friday, crude prices tumbled during early trade, as the strengthening greenback snuffed out rekindled expectations that OPEC might agree production cuts.
International Brent crude futures lost 13 cents, trading at $46.36 per barrel. US West Texas Intermediate crude futures lost 23 cents, being worth $45.19.
A stronger greenback makes crude, priced in US dollars, more expensive to purchasers in other currencies.
Crude traded in a sideways band overnight, as stronger greenback overshadowed optimism from Saudi's Energy Minister over an output cut agreement.
With the greenback reigning supreme, Asia trading of oil should have a moderately heavy tone today as market participants lighten up positioning into the weekend.
The US dollar index hit a 13-1/2-year peak on comments by Fed Chair Janet Yellen as she told that the rate lift could occur relatively soon, thus indicating higher chances of the rate lift in December.