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- US crude dips as OPEC head says group should not cut output
US crude dips as OPEC head says group should not cut output
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Loading...U.S. crude futures eased on Monday as the dollar strengthened and after OPEC's head said the group should not cut output to "subsidize" higher-cost shale.
Organisation of the Petroleum Exporting Countries Secretary-General Abdullah al-Badri said to a conference that tight oil, a term he has used for shale, was "not a challenge for us" but the market should now be left to decide which source of petroleum could survive at current prices.
News the U.S. unemployment rate hit a 6-1/2-year low in February fed into the dollar's winning streak, making dollar-denominated crude more expensive.
U.S. employers stepped up hiring in February and the jobless rate fell to its lowest level since the spring before President Barack Obama took office, which could put pressure on the Federal Reserve to raise interest rates in June.
The United States and Iran have narrowed their differences in nuclear weapons negotiations, President Barack Obama said in the face of a renewed Republican warning on Sunday that any deal will meet a tough congressional review.
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