OIL PRICE: US Dollar Strengthens, WTI Falls to US$44.76/barrel
West Texas Intermediate crude for August delivery fell 65 cents to settle at $44.76 a barrel on the New York Mercantile Exchange on Monday, or Tuesday morning Jakarta time. Meanwhile, Brent for September settlement lost 51 cents, or 1.1 percent, to $46.25 a barrel on the ICE Futures Europe exchange, the lowest close since May 10, 2016. The number of oil rigs operating in the US climbed by 10 last week to 351, according to data from Baker Hughes Inc. cited by Bloomberg. Oil prices fluctuated on Monday following a global stock market rally and a stronger US dollar, which reduced the appeal of commodities priced in the currency. โOil has been choppy,โ Phil Flynn, senior market analyst at Price Futures Group, told Bloomberg. It initially fell on concerns over rising supplies then advanced as stocks rallied, and ultimately settled lower on the stronger US dollar, he added. The Standard & Poorโs 500 Index climbed to a fresh record, while the Bloomberg Dollar Spot Index, which measures the greenback against 10 major currencies, rose as much as 0.6 percent on Monday. โThe dollar index going higher at the same time that stocks are going higher is creating a bit of a mixed signal,โ Bob Yawger, director of energy futures at Mizuho Securities USA, told Bloomberg. Source: Bisnis Indonesia