The currencies of Russia, Norway and Canada dropped against the U.S. dollar, with the oil-producing countries feeling the weight of a decision by the Organization of the Petroleum Exporting Countries not to cut its production target. The euro EURUSD, -0.15% was at $1.2477, down from $1.2509 on Wednesday, and the pound GBPUSD, -0.17% bought $1.5724, less than $1.5792 in the previous session. The dollar traded at 117.73 Japanese yen USDJPY, +0.50% little changed from ¥117.74. The dollar index DXY, +0.15% a measure of its strength against a basket of six rival currencies, rose 0.3% to 87.992.
In the energy complex, gasoline RBF5, -5.80% for January tanked 5.6% to $1.90 a gallon, while heating oil for the same month HOF5, -4.51% slid 4.4% to $2.22 a gallon.
Crude oil prices sank to a four-and-a-half year low on Thursday, on news that OPEC has kept its production levels unchanged. Hopes for a cut in output had all but faded after a Saudi Arabian oil minister’s comments a day prior. Extending losses on the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF5, -6.57% sank to as low as $67.75 a barrel during European afternoon trading hours, touching the lowest level since May 2010. The contract was down $4.58, or 6.2%, at $69.11 a barrel at the latest. January Brent crude LCOF5, -0.18% on London’s ICE Futures exchange fell $4.71, or 6.1%, to $73.04 a barrel.
The currencies of Russia, Norway and Canada dropped against the U.S. dollar, with the oil-producing countries feeling the weight of a decision by the Organization of the Petroleum Exporting Countries not to cut its production target.
