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Oil prices dip

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by June 11, 2016 General

Reuters

Singapore

Crude prices dipped further in Asia on Friday on a stronger dollar, dampening a rally that saw the commodity hitting 11-month highs earlier in the week.

The losses were in line with a sell-off on equities markets from Asia to the Americas fuelled by worries about the state of the global economy.

The greenback was boosted by better than expected US unemployment numbers, making oil more expensive and dampening demand.

Traders, however, expect a fresh boost for oil futures if there are new signs of tightening supplies.

“If the positive developments we are seeing like the tightening supply (and) increasing demand in the oil sector continue to develop for the next couple of months, then maybe the strengthening US dollar might not have that great an impact,” said IG Markets´ analyst Bernard Aw.

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