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Oil Slips for 2nd Day as $50 Level Sparks New Output Fears

stander
stander
in Oil, Gas and Energy News

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NEW YORK, May 27 (Reuters) - Oil prices dipped for a second day in a row on Friday as some investors took profit on a surge to seven-month highs while others worried about higher production with the market hovering near $50 a barrel. A stronger dollar also weighed on demand for dollar-denominated oil from holders of other currencies. The dollar spiked after Federal Reserve Chair Janet Yellen said a U.S. rate hike was probably appropriate in coming months. A three-day weekend for the United States, owing to Monday's Memorial Day holiday, further discouraged investors from holding bullish bets. - See more at: http://www.rigzone.com/news/oil_gas/a/144783/Oil_Slips_for_2nd_Day_as_50_Level_Sparks_New_Output_Fears?utm_source=DailyNewsletter&utm_medium=email&utm_term=2016-05-27&utm_content=&utm_campaign=industry_headlines_1#sthash.JqEDkr8T.dpuf

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