WASHINGTON (dpa-AFX) - Supply concerns and hopes of a robust demand for oil in the year and next, supported crude oil prices on the last day of the week. Market perceptions on delays in the revival of the Iranian nuclear deal and its likely impact on supply also added to the bearish sentiment.
The rise in crude oil prices is despite the Dollar's strength and the surge in the Dollar Index. The Dollar Index which measures the Dollar against a basket of six currencies gained around 0.30 percent to 110.07, amidst renewed fears of a hawkish Fed stance.
Brent Oil Futures for November settlement is currently trading at $91.25, up 0.45 percent from the previous close of $90.84. The day's trade ranged between a high of $92.44 and a low of $90.25. Brent crude had ended previous Friday's trade at $92.84, implying the likelihood of a weekly decline if prices do not continue to rise further.
West Texas Intermediate Crude Oil Futures for October settlement traded between a high of $86.31 and a low of $84.28. It is currently trading at $85.34, having increased 0.28 percent from the previous close of $85.10. WTI Crude would also be headed for a weekly decline if prices were to remain below the previous Friday's closing level of $86.79.
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