Crude oil prices were flat Friday morning, unable to extend 4-year highs as the dollar steadied on hawkish comments from President Trump.
Traders are waiting for further signs that the global oil market has re-balanced.
OPEC ministers have vowed to limit production through 2018, and Saudi Arabia is set to want a more lasting arrangement with Russia.
Diminished supplies are likely to mean higher oil prices unless U.S. shale production ramps up. U.S. rig count data is due this afternoon.
WTI light sweet oil was down 3 cents at $65.48 a barrel, near its highest sine 2014.
The U.S. expanded at a 2.6% annual pace in fourth quarter, data showed this morning. Consumer spending was up sharply, a sign that the economy is doing well.
There was also a a substantial increase in new orders for U.S. manufactured durable goods in the month of December.
The Commerce Department said durable goods orders spiked by 2.9 percent in December after rising 1.7 percent in November.
“Our country is becoming so economically strong again – and strong in other ways, too, by the way – that the dollar is going to get stronger and stronger. And ultimately, I want to see a strong dollar,” said Trump yesterday in Davos.
The material has been provided by InstaForex Company – www.instaforex.com
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