Oil prices fell on Friday, erasing gains made in the previous session, as the dollar continued to rise on bets that the US Federal Reserve would present plans to raise interest rates to curb inflation.
And US West Texas Intermediate crude futures fell by 26 cents, or 0.3 percent, to $ 81.33 a barrel, by 01:28 GMT, after a gain of 25 cents on Thursday.
Meanwhile, Brent crude futures fell 25 cents, or 0.3 percent, to $82.62 a barrel, erasing yesterday’s gains.
The two contracts are heading towards ending the week almost unchanged, after sharp moves up and down driven by the rise of the dollar, and speculations about whether the administration of US President Joe Biden will release oil from the Strategic Petroleum Reserve to calm prices.
There are positive signs regarding demand as the air travel recovery accelerates, but monetary and fiscal policy tightening and the upcoming Northern Hemisphere winter will be disincentive.
On Thursday, the Organization of Petroleum Exporting Countries “OPEC” lowered its forecast for oil demand in the fourth quarter of this year by 330,000 barrels per day from last month’s forecast, as high energy prices curb the recovery from the Covid-19 pandemic.
The “OPEC +” group, which includes OPEC members, Russia and other allies, agreed last week to stick to plans to add 400,000 barrels per day to the market.
Source: Reuters
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