According to trading data, oil prices on Friday morning are declining under the rising dollar pressure, Report informs, citing Prime.
The May futures price for the North Sea Brent oil blend dropped by 0.65% to 65.68 US dollars, April futures lost 0.39%, falling to 66.62 US dollars per barrel. The price of April WTI futures decreased by 0.72% to 63.07 US dollars per barrel.
On Friday, some pressure on oil prices is exerted by the strengthening of the US dollar. The dollar exchange rate is rising. As a result, oil becomes less accessible to holders of foreign currency. In turn, the dollar appreciation was influenced by the decline in the yield of US government bonds.
Investors are also somewhat apprehensive about the OPEC+ meeting next week, as there are risks that the countries of the alliance may ease restrictions on oil production and return some barrels to the markets. Against the background of not fully recovered demand for 'black gold,' this may lead to an imbalance in the market.
Overall, oil is heading for the fourth monthly price increase in a row amid growing hopes for an early recovery in the global economy. Since the beginning of February, its cost has increased by 17-20%.
"The pace of increased demand over the next six months may cause prices to rise to $ 70-80 per barrel," said Viktor Shum, an analyst at IHS Markets, as quoted by Bloomberg.