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Crude Futures Fall on Stronger Dollar

After opening the day lower than Friday’s close, oil futures continued to lose ground with December contracts falling $1.84 (2.3 percent) to $78.66 a barrel by 1:30 on the New York Mercantile Exchange.

“This is a dollar play,” said Stephen Schork, president of consultant Schork Group Inc. in Villanova, Pennsylvania. “There is not a lot if rhyme or reason in this market at the moment. I see no justification for how far prices have risen.”

Bloomberg

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March
16
Today’s Global
Market Events
8:30 am

CAD
Labor Productivity q/q
0.7% vs. -0.3%
CAD
Manufacturing Sales m/m
0.7% vs. 1.6%
USD
Building Permits
0.61m vs. 0.62m
USD
Housing Starts
0.57m vs. 0.59m
USD
Import Prices m/m
-0.1% vs. 1.4%
2:15 pm

USD
FOMC Statement
USD
Federal Funds Rate
0.25% vs. 0.25%
3:00 pm

GBP
MPC Member Bean Speaks
7:30 pm

AUD
MI Leading Index m/m
0.5%
7:50 pm

JPY
Tertiary Industry Activity m/m
1.3% vs. -0.9%
8:30 pm

AUD
Housing Starts q/q
6.7% vs. 9.4%
Tentative

JPY
Monetary Policy Statement
JPY
Overnight Call Rate
0.10% vs. 0.10%