Baghdad Oil prices rose today, Friday, with the dollar’s decline, but it was headed for huge weekly losses amid expectations that there will be no slowdown in sharp increases in US interest rates and the possibility of weak demand from China, the largest oil importer, amid rising cases of COVID-19.
Brent crude futures were back 67 cents, up 0.8%, at $90.45 a barrel, but not far from a four-week low of $89.53 in the previous session.
US West Texas Intermediate crude futures rose 70 cents, or 0.9%, to $82.34 a barrel, but settled near a six-week low.
A slight drop in the dollar helped oil prices on Friday, as a weaker dollar made oil cheaper for buyers holding other currencies.
However, WTI is down more than 7% so far this week, while Brent is down about 6%.
Source: National Iraqi News Agency