Oil prices gain on weaker dollar but are on track to post weekly loss – The National

Oil prices gain on weaker dollar but are on track to post weekly loss – The National

Crude prices rose on Friday on a weaker dollar but were headed for a weekly decline as demand concerns weigh on the market.

Brent, the benchmark for two thirds of the world’s oil, was trading 0.6 per cent higher at $90.35 a barrel at 9.55am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up nearly 1 per cent at $82.36.

Futures fell more than 3 per cent Thursday night amid an easing of geopolitical tensions and rising Covid-19 cases in China, both the world’s largest economy and the biggest crude importer.