Inventory clearing: A contractor works on a crude oil pipeline at the US Department of Energy’s Bryan Mound Strategic Petroleum Reserve in Freeport, Texas. Stockpiles in the US east coast have fallen to their lowest in 30 years. ─ Bloomberg
OIL fell below $71 a barrel after the biggest drop in four weeks as traders weighed prospects for a stronger dollar against rising demand.
West Texas Intermediate was 0.4% lower after sinking 1.5% on Thursday amid a broad, copper-to-gold commodities sell-off. The losses in raw materials followed the Federal Reserve’s midweek signal it will in time end the ultra-easy policy brought in to rescue the U.S. economy from the pandemic. That aided the dollar, hurting the appeal of commodities priced in the currency.
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