Oil prices rose on Friday, recouping some of the previous session’s losses, as a weaker dollar encouraged buying but investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output.
Global benchmark Brent LCOc1 was up 36 cents at $55.44 a barrel at 1456 GMT, recovering some of Thursday’s losses that amounted to more than 2 percent.
WTI futures CLc1 traded at $52.97 a barrel, up 36 cents on the previous close.
“The market is range bound, therefore there is nothing surprising in seeing fresh buying after a big sell-off and of course the slightly weaker dollar is also helping oil recover,” said Tamas Varga, senior analyst at London brokerage PVM Oil Associates.
The dollar .DXY slipped from a seven-week high on Friday ahead of a key speech by Federal Reserve chief Janet Yellen.[USD/]
A weaker greenback makes it more attractive to buy dollar-denominated currencies like oil futures.
via Reuters
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Alfonso Esparza
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