Crude oil dropped below USD 45.00/barrel

By FXStreet FXStreet (Mumbai) – Crude oil prices in the US fell below USD 45.00/barrel as PBOC’s rate cut announcement failed to impress commodity traders, but did lead to USD strength.

PBOC-led rally ran out of steam

Oil prices did witness a minor rally to a high of USD 45.68/barrel on hopes the lower borrowing cost would boost demand in the world’s second largest economy. However, the rally quickly ran out of steam and the prices fell to a low of USD 44.53/barrel.

Moreover, the USD advanced across the board, making commodities costlier in non-USD terms. The USD index now trades around 97.00 levels; up more than 0.5% higher on the day.

Across the pond, Brent oil futures are down 36 cents or 0.88% around USD 47.56/barrel.
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Source:: FX Street