Oil Price Climb Due To U.S. Drill Cut

A decline in U.S. drilling activity sent oil prices to rise on Monday. The international benchmark Brent crude futures went up 0.26 percent or 18 cents from their last settlement at 0053 GMT, landing at $68.79 a barrel. U.S. West Texas Intermediate crude futures increased at $63.53 a barrel which was 0.25 percent or 16 cents.

The U.S. drillers pulled five oil rigs from production within the week, leaving the total count down to 747, said on Friday by the Baker Hughes energy services firm of General Electric Co.The reduced U.S. drilling is speculated by traders to be the main reason for crude price increase on Monday.

Dollar Drops as U.S. Government Shuts down

The Dollar fell against its major currency rivals on Monday due to a U.S. government shutdown.

The dollar index closed 0.1 percent lower at 90.490 .DXY, although managing to stay above a three-year gutter of 90.113 on Thursday. The Dollar dropped 0.15 percent at 110.685 yen JPY, still higher than a four-month low of 110.190 on Wednesday.

The Euro went up 0.2 percent $1.2252 EUR, closing a bit below its three-year peak of $1.2323 on Wednesday. The pound dropped 0.1 percent to $1.3889 GBP, from a 1-1/2-year high of $1.3942 scaled on Wednesday.

The 10-year Treasury yield US10Y increased 2.663 percent on Friday with a rally in the risk asset market causing the debt market to stay on defense most of last week. The Australian dollar went up 0.2 percent to $0.8001 AUD. The New Zealand dollar one the other hand climbed 0.15 percent to $0.7289 NZD.

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