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Friday, October 23, 2015 1:06:17 PM
Oil down as dollar offsets China move; glut hits prompt U.S. crude
Oil fell on Friday, erasing early gains as traders dismissed a rate cut by China to focus on a surging dollar and weaker spot prices for U.S. crude as a glut weighed on prompt supplies.
A rally in U.S. stocks, however, bolstered risk appetite across financial markets, limiting the downside in oil.
Brent crude oil was down 28 cents at $47.80 a barrel by 11:10 a.m. EDT, after falling as much as 63 cents earlier.
U.S. West Texas Intermediate (WTI) crude was down 75 cents, or 1.6 percent, at $44.68, after hitting a three-week low at $44.20.
Both Brent and WTI have lost about 5 percent on the week, sliding for a second straight week.
Oil fell on Friday, erasing early gains as traders dismissed a rate cut by China to focus on a surging dollar and weaker spot prices for U.S. crude as a glut weighed on prompt supplies.
A rally in U.S. stocks, however, bolstered risk appetite across financial markets, limiting the downside in oil.
Brent crude oil was down 28 cents at $47.80 a barrel by 11:10 a.m. EDT, after falling as much as 63 cents earlier.
U.S. West Texas Intermediate (WTI) crude was down 75 cents, or 1.6 percent, at $44.68, after hitting a three-week low at $44.20.
Both Brent and WTI have lost about 5 percent on the week, sliding for a second straight week.
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