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London South East - Oil & Gas Investor Evening: Malcy, Echo, Savannah, SDX
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Alliance News

Crude Oil Wallows Near USD60

Thu, 8th Mar 2018 19:43

WASHINGTON (Alliance News) - Crude oil futures tumbled Thursday on expectations that the US dollar will strngthen on rising interest rates.

Traders await the release of the Labor Department's closely watched monthly jobs report on Friday.

US Employment is expected to jump by 200,000 jobs in February, matching the increase seen in January. The unemployment rate is expected to dip to 4.0% from 4.1%.

The Federal Reserve is then expected to raise interest rates when it meets later this month.

In the meantime, markets are convinced that US oil supplies will surge over the next few years, preserving the global oil supply glut despite OPEC's effort to limit output.

April WTI oil was down USD1.03, or 1.7%, to settle at USD60.12/bbl, the lowest in three weeks.

Copyright RTT News/dpa-AFX

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