Oil down in Asia on Iraq export boost, stronger dollar

AFP, SINGAPORE: Oil prices eased in Asia yesterday, ending a seven-day rally, following news that Iraq will boost crude exports, while the dollar strengthened on speculation the Federal Reserve could hike interest rates this year.
The commodity entered a bull market last week -- after rising more than 20 per cent from recent lows below $40 a barrel -- on hopes producers will take action to ease the supply glut.
But gains were chipped in Asia after Bloomberg News reported that Iraq, OPEC's second-biggest producer, will increase exports by about five per cent after an agreement to resume shipments from three oil fields.
At around 0720 GMT, US benchmark West Texas Intermediate was down 97 cents, or 2.0 per cent, at $47.55 a barrel. Brent fell 98 cents, or 1.93 per cent, to $49.90.

Oil down in Asia on Iraq export boost, stronger dollar

AFP, SINGAPORE: Oil prices eased in Asia yesterday, ending a seven-day rally, following news that Iraq will boost crude exports, while the dollar strengthened on speculation the Federal Reserve could hike interest rates this year. The commodity entered a bull market last week -- after rising more than 20 per cent from recent lows below $40 a barrel -- on hopes producers willtake action to ease the supply glut. But gains were chipped in Asia after Bloomberg News reported that Iraq, OPECs second-biggest producer, will increase exports by about five per cent after an agreement to resume shipments from three oil fields. At around 0720 GMT, US benchmark West Texas Intermediate was down 97 cents, or 2.0 per cent, at $47.55 a barrel. Brent fell 98 cents, or 1.93 per cent, to $49.90.