Key Currency Exchange Rates for Friday, 5/5/23

The oil prices were bullish in the market as geopolitical tensions in the Middle East dies down. The commodity’s prices managed to hit another milestone despite the astonishing performance of the dollar in the market. The commodity continues to push great performance in the market on multiple factors. The great oil inventories reports and the OPEC agreement to extend the output cut have managed to put the prices on its best figures ones again. Click Read More below for additional information.

The U.S. jobs report topped estimates last week, increasing confidence in the world’s biggest economy, giving a boost to the outlook for energy demand and driving benchmark crude prices up 3.2 percent on Friday. American oil explorers idled four rigs last week after six consecutive increases in drilling, easing fears over surging shale production. Prices were 0.4 percent lower Monday. “Employment is the key driver of oil demand, as more people at work means more commutes and, in consequence, rising road fuel use,” said Norbert Ruecker, head of commodity research at Julius Baer Ltd. in Zurich. Click Read More below for additional information.

Gasoline hit a new a two-year high as investors assess the impact of refinery outages and restarts as Harvey moves away from the Houston area. With the storm sliding farther inland over Southwestern Louisiana, Motiva Enterprises LLC’s Port Arthur refinery, the country’s biggest, began a controlled shutdown. The disruption helped send motor fuel up 5.7 percent in New York, while oil slipped. An Energy Information Administration report showed U.S. crude stockpiles slid for a ninth week, though production -- often given more weight by traders -- continued to rise last week. Click Read More below for more of the story.