Forex analysis today. Crude prices sag on profit taking

rub-l13On Friday, crude prices tumbled in thin Asian trade ahead of the Christmas as well as New Year holidays, thus eroding some of the revenues in the previous session as market participants took profits.

February delivery Brent futures dipped 0.4%, hitting $54.82 a barrel, having ended last session up 1.1%. US West Texas Intermediate crude futures declined 0.5%, reaching $52.69 a barrel, having settled up 0.9% during last session.

There’s some profit taking after the previous session’s revenues. Crude prices are also weaker because of the stronger greenback.

However, the fact that the greenback as well as commodities are surging either simply means that demand for commodities has already picked up.

The dollar index dropped moderately on Friday, though it was still close to a 14-year high of 103.65 a bit earlier this week.

By the way, Barratt expects American crude to trade $60 a barrel during the first quarter of 2017, with Brent approximately $62-$63 a barrel.

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