Oil unsteady, set for weekly gain
Oil prices were mixed on Friday following a strong rise during the last session amid a weak dollar and a decline in the US crude stocks. The black liquid is poised for a modest weekly gain ahead of the much-awaited US jobs report.
Brent crude futures edged up 0.2%, or 13 cents, to $73.16 a barrel at 0619 GMT, while US West Texas Intermediate (WTI) crude futures dipped 0.1%, or 4 cents, at $69.95 a barrel.
Both benchmark oil contracts made a 2% gain on Thursday, setting WTI on its way to a 1.8% increase for the week, while Brent is on track for a 0.6% weekly gain.
Analysts are seeing room for further oil price gains as crude supplies tighten and fuel demand shows signs of recovery.
The week’s increase is attributed to the greenback’s decline, which lowered the price of oil in other currencies. The fallout from the recent hurricane also contributed to the gains.
At press time, about 1.7 million barrels per day of oil production remains offline in the US Gulf of Mexico.