Key Currency Exchange Rates for Friday, 4/11/25
American Dollar to Canadian Dollar = 0.718884; American Dollar to Chinese Yuan = 0.137040; American Dollar to Euro = 1.136018; American Dollar to Japanese Yen = 0.007008; American Dollar to Mexican Peso = 0.049071.
https://www.x-rates.com/table/?from=USD&amount=1.00
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Oil Slides Before U.S. Data as IEA Warns of Ceiling for Prices
Futures lost 0.9 percent in New York after climbing 4.1 percent in the previous three sessions. Inventories rose by 3.1 million barrels last week, the American Petroleum Institute was said to report. Energy Information Administration data Thursday is forecast to show stockpiles dropped for a third week. Global supply and demand estimates for 2018 indicate that stockpiles may not fall further, potentially capping prices, according to the International Energy Agency. “According to the IEA’s calculation, at the current level of OPEC production there will be no global stock draws next year,” said Olivier Jakob, managing director of consultants Petromatrix GmbH in Zug, Switzerland. “If the IEA is right, then markets will continue to trade in the narrow” price band seen recently. Global oil stockpiles will fall this year by 300,000 barrels a day as stronger demand and output curbs by OPEC and Russia whittle away a surplus, the IEA said Thursday in its monthly report. Still, even if the producers decide to continue with the cuts next year, surging supplies from the U.S. and elsewhere will prevent inventories dropping further. Click Read More below for additional information.
Oil Trades Near Three-Year High as OPEC Members Reassure on Cuts
Futures were little changed in New York after rising 4.7 percent last week. The curbs have contributed to stability in the market and should remain, Iraqi Oil Minister Jabbar al-Luaibi said Saturday. Yet, Brent crude at $70 a barrel may be giving fresh stimulus to U.S. shale-oil drillers to boost output, according to the International Energy Agency.
Oil has extended gains after a second annual advance as the Organization of Petroleum Exporting Countries and its allies curb supply to drain a global glut. Though they have said the historic deal will run until the end of this year, OPEC is “very likely to cut short” the pact if markets become balanced, JP Morgan Securities said in a report. Click Read More below for additional information.