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Oil futures tumbled in response to a stronger dollar and increasing signs that OPEC isn’t going to be able to strike a serious deal to limit output.
Crude futures for delivery in January fell 1.3% and traded at $44.84 a barrel on the New York Mercantile Exchange while crude on London’s ICE Futures exchange slipped 1% to $46.07 a barrel, MarketWatch reports.
The US dollar has been rising, pushed up by increased expectations the Fed will raise rates in December, while Donald Trump’s victory boosts hopes the US will push shale production. OPEC is still trying to formalize a deal to cut oil production to between 32.5 million and 33 million barrels a day, but many oil experts aren’t confident members will be able to reach an agreement. [MW]
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