Crude Oil Levels Off As Dollar Strengthens

Posted On 17 Jan 2018

Crude oil futures slipped for a second day in a row Wednesday morning as the dollar steadied versus major rivals.

The dollar’s recent drubbing may have been overdone and the greenback could bounce back sharply if the Federal Reserve signals rate hikes in the first half of 2018.

WTI light sweet crude oil was down 20 cents at $63.54 a barrel, having touched a 3-year high last week.

Fed’s Industrial Production for December will be released at 9.15 am ET. The economic analysts are looking for consensus of 0.4 percent, compared to 0.2 percent in the prior month.

Beige Book, produced roughly two weeks before the monetary policy meetings of the Federal Open Market Committee, will be published at 2.00 pm ET.

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