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SINGAPORE (Reuters) - Oil prices edged down on Friday as investors weighed rising supplies from major producers and the impact on fuel demand from the COVID-19 pandemic.
FILE PHOTO: A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. REUTERS/Max Rossi/File Photo
Brent crude futures for June edged down 12 cents, or 0.2%, to $63.08 a barrel by 0731 GMT, while U.S. West Texas Intermediate (WTI) crude for May was at $59.59 a barrel, down 1 cent.
Both contracts are on track to post a 2%-3% drop this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+ that includes Russia, agreed to gradually increase supplies by 2 million barrels per day between May and July.
Oil edges up on weak dollar
Reuters
SINGAPORE |
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Investors weigh rising supplies, demand outlook Oil prices edged up in early Asian trade on Friday, supported by a weaker dollar, as investors weighed rising supplies and the impact on fuel demand from the Covid-19 pandemic.
Brent crude futures for June climbed 7 cents, or0.1%, to $63.27 a barrel by 0106 GMT while U.S. West Texas Intermediate (WTI) crude for May was at $59.77 a barrel,up 17 cents, or 0.3%. A weaker USD and falling US bond yields helped support investors’ appetite in commodity markets, ANZ analysts said ina note.
A weaker dollar makes oil cheaper for holders of other currencies, which usually helps boost crude prices.
9 April 2021 (Last Updated April 9th, 2021 11:26)
Global crude oil prices have edged up supported by a weakening of the US dollar even as rising output and weak demand outlook continue to concern investors.
The OPEC+ agreed to gradually increase oil supplies to the market. Credit: Ri Butov / Pixabay.
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Global crude oil prices have edged up supported by a weakening of the US dollar even as rising output and weak demand outlook continue to concern investors.
Brent crude futures for June increased by $0.07, or 0.1%, to reach $63.27 a barrel while the US West Texas Intermediate (WTI) crude for May rose by $0.17, or 0.3%, to reach $59.77 a barrel, reported Reuters.
Oil prices fall on rising supplies; Brent reaches $63.18 per barrel
Brent crude futures for June edged down 2 cents to $63.18 a barrel by 0450 GMT, while U.S. West Texas Intermediate (WTI) crude for May was at $59.70 a barrel, up 10 cents, or 0.2%
Reuters | April 9, 2021 | Updated 13:37 IST
Oil prices were little changed on Friday as investors weighed rising supplies from major producers and the impact on fuel demand from the COVID-19 pandemic. Brent crude futures for June edged down 2 cents to $63.18 a barrel by 0450 GMT, while U.S. West Texas Intermediate (WTI) crude for May was at $59.70 a barrel, up 10 cents, or 0.2%.
Both contracts are on track to post a 2%-3% drop this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+ that includes Russia, agreed to gradually increase supplies by 2 million barrels per day between May and July.
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Oil prices edged lower on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand.
Brent crude futures for June fell 37 cents, or 0.59 per cent, to $62.83 a barrel by 1338 GMT while U.S. West Texas Intermediate (WTI) crude for May was at $59.24, down 36 cents.