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Crude
Oil fell 2 percent in
volatile trading on Thursday, as support from a weakening dollar was
overshadowed by scepticism that cash-strapped OPEC member Venezuela's effort to
lobby crude producers for joint output cuts would succeed. The dollar extended
its drop for a second day, making greenback denominated commodities cheaper for
holders of other currencies, with the dollar index hitting a roughly 15-week
low on continued doubts that the Federal Reserve would be able to hike interest
rates this year. Speculation about possible talks between the Organization of
the Petroleum Exporting Countries and other oil producers to cut output
increased volatility in the oil markets. Global benchmark Brent traded above
$35 a barrel earlier in the session, adding to the previous session's 7 percent
jump, after an Iranian official was quoted as saying Tehran supported a
meeting, raising hopes that they could take action to support prices despite
widespread skepticism in the market.
Iran's role in any potential deal to rein
in production is critical, as it appears determined to boost production and
gain market share after the lifting of sanctions. Venezuelan Oil Minister
Eulogio del Pino said he had a "good and productive" meeting with his
counterpart from Qatar, holder of the OPEC presidency in 2016, without giving
more details. Crude oil futures were steady in lacklustre trading on Friday as
Asian liquidity faded ahead of the Lunar New Year holiday across large parts of
the region. Oil prices have been extremely volatile since the start of the
year, and in particular this week, as a string of bullish indicators like a
slump in the dollar and potential talks on output cuts clashed with bearish
reports of record U.S. crude inventories, higher output and a slowing global
economy. MCX Crude Oil Feb is trading at 2155. It is trading down by 26.
Outlook: We expect crude oil prices to trade
positive on the back Comments by Russia's foreign minister.
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