Futures Trading News
2/7/2017
Oil futures extended their losses a second day in a row Tuesday, pushing prices to their lowest finish in almost three weeks as strength in the U.S. dollar and a record level of long positions in the trading market fueled a sell off.
Efforts to ease the world’s glut of crude supplies, along with expectations for higher demand helped the Energy Information Administration predict a balance for the world oil market this year and next.
The dollar on Tuesday strengthened against most of its major rivals.
A combination of hawkish comments from a Federal Reserve official who are still considering a interest-rate increase in March as well as weakness in the euro due to uncertainty over coming elections in France helped make these moves.
