Oil down in Asia on Iraq export boost, stronger dollar - 22 Aug 2016

Commodity Intraday Tips

Oil prices eased in Asia today, ending a seven-day run, 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 percent after an agreement to resume shipments from three oil fields.

At around 0345 GMT (0815 IST), US benchmark West Texas Intermediate for delivery in September was down 54 cents, or 1.11 per cent, to $ 47.98 a barrel. Brent crude fell 73 cents, or 1.43 per cent, to $50.15.

Analysts said a stronger dollar ahead of the Fed's annual symposium from Thursday in Jackson Hole, Wyoming, also dented demand as it makes oil more expensive for holders of other currencies.

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