Business News

NEW YORK, Aug 29, (APP/AFP) – Oil prices fell on Monday
as the dollar rose following relatively bullish talk from the US Federal Reserve. In an address on Friday, US Fed Chair Janet Yellen said there was growing
justification for a near-term interest rate hike.
Hopes of an agreement to curtail production when producing countries meet
in Algeria next month meanwhile seemed have to faded.
In New York, a barrel of West Texas Intermediate for October delivery fell
66 cents to close at $46.98.
North Sea Brent also fell 66 cents to settle at $49.26 per barrel on the
Intercontinental Exchange in London.
Prices had rallied earlier in August on hopes that the Russia and
Organization of the Petroleum Exporting Countries could agree next to limit
production in a bid to balance supply and demand and stabilize prices
Russia, which is not an OPEC member, is due to join next month’s informal
meeting in Algeria at which participants are expected to discuss production.
“Market talk seems to have shifted to stances that could spoil an agreement
to cap output, with some focusing on Iraq’s recent request for oil companies to
boost production,” Timothy Evans of Citigroup said in a client note.
Investors are also aware that Iran hopes to raise output to 4 million
barrels per day by the end of next month, he added.