Bid & Tender
Oil Recovers from Earlier Decline

Date : Jan 29, 2018

Oil prices reversed earlier decline on Friday as the ongoing weakness in the US dollar.

 

Brent crude futures were at $70.28 per barrel at 0825 GMT, after dropping as low as $70.07 earlier in the day.

 

US West Texas Intermediate (WTI) crude futures were at $65.38 a barrel, recovering from a session-low of $64.91 a barrel.

 

Crude oil futures have received support from a weakening dollar, which on Friday hit fresh 2014 lows against a basket of other leading currencies, said a report.

 

As oil is traded in dollars, swings in the greenback can also impact oil demand as it affects the price of fuel purchases for countries using other currencies, it said.