US West Texas Intermediate (WTI) crude for April slipped by 52 cents, or 0.8%, to $65.53, after earlier rising to as high as $65.68. “Crude prices are declining as the strong dollar trade shows no signs of weakening,” said Edward Moya, senior market analyst at OANDA. Prices rose after Yemen’s Houthi forces fired drones and missiles at the heart of the Saudi oil industry, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. The attacks came after the Organization of the Petroleum Exporting Countries (OPEC), Russia and their oil producing allies, known as OPEC+, agreed last week agree on broadly sticking with output cuts despite rising crude prices. Also supporting prices, US crude oil and refined product stockpiles likely fell last week, with distillate inventories seen drawing down for fifth straight week, a preliminary Reuters poll showed on Monday.

Source: Egypt Independent March 09, 2021 08:03 UTC