Oil Struggling After Libya Exports News

West Texas Intermediate fluctuated near the lowest level in four months as Libya prepared to resume exports from two terminals and the dollar slid against the euro.
WTI for December delivery rose 1 cent to $94.62 a barrel at 11:05 a.m. on the New York Mercantile Exchange after dropping to $94.06, the lowest intraday price since June 26. The volume of futures traded was about 24 percent below the 100-day average.
Brent for December settlement slipped 8 cents to $105.83 a barrel on the London-based ICE Futures Europe exchange. Volume was 8.6 percent above the 100-day average. The European benchmark’s premium over WTI narrowed to $11.21 from $11.30 on Nov. 1.
The dollar fell as much as 0.2 percent to $1.352 per euro. A weaker dollar increases oil’s investment appeal.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza