Oil up two percent as dollar softens; Brent in for big weekly loss

Oil markets rose two percent on Friday as the dollar softened but Brent crude remained on track to its biggest weekly loss in four months from profit-taking in recent sessions.

As quoted in the publication:

A wildfire that has shrunk Canadian oil sands crude production by a third and reports of a militant attack on a Chevron (CVX.N) platform in Nigeria’s oil-rich Niger Delta region also supported prices, analysts said.

“The global surplus still exists and there is still a possibility that oil prices could retrace further,” Dominick Chirichella, senior partner at the Energy Management Institute, said.

“However, the market is trading more and more in sync with the forward-looking or perception view, with the current bearish fundamentals mostly priced into the market.”

Brent crude futures LCOc1 were up $1 at $46.01 a barrel by 11:44 a.m. EDT (1544 GMT).

U.S. crude’s West Texas Intermediate (WTI) futures CLc1 rose 93 cents to $45.25.

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