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Oil mixed as dollar rally outweighs OPEC output cut hopes

Published 11/18/2016, 07:52 AM
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Investing.com - Oil was mixed Friday as the strengthen of the dollar outweighed hopes for an OPEC output cut.
U.S. crude was down 5 cents, or 0.11%, at $45.37 a barrel at 07:00 ET, while Brent crude gained 0.37% to $46.66.
Some OPEC members are reportedly due Friday to hold informal talks in Doha on a planned cut in the cartel's output to 32.5-33 million barrels a day.
Non-OPEC member Russia may join the talks.
OPEC is due to hold a formal meeting in Vienna on November 30. A cut of the planned scope would do little to reduce a persistent supply glut.
A higher dollar pushes up the cost of oil imports for non-U.S.-denominated countries. The dollar indexwas above 101.
Baker Hughes U.S. rig count figures are due for release later in the session.

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