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Crude futures also came under pressure as the dollar strengthened after monthly US job growth came in higher than expected. A stronger dollar makes greenback-denominated oil more expensive for buyers in other currencies. ....
By Scott DiSavino NEW YORK (Reuters) -Oil prices climbed to their highest since October 2018 on Friday, putting both benchmarks up for a fifth week in a row on expectations demand growth will outstrip supply and OPEC+ will be cautious in returning more crude to the market from August. Brent futures rose 62 cents, or 0.8%, to settle at $76.18 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 75 cents, or 1.0%, to $74.05. Those were the highest closes for both benchmarks since October 2018 and put both contracts up over 3% for the week. Crude prices rallied on an improving demand outlook and over expectations the market will remain tight as OPEC+ is likely to only deliver a small boost to output at the July 1st ministerial meeting, said Edward Moya, senior market analyst at OANDA. ....
By Sonali Paul MELBOURNE (Reuters) - Oil prices rose on Friday, heading for a fifth straight week of gains, with demand growth seen outstripping supply on bets that OPEC+ producers will be cautious in returning more output to the market from August. U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.1%, to $73.38 a barrel at 0216 GMT, headed for a 2.4% gain for the week. Brent crude futures climbed 7 cents, or 0.1%, to $75.63 a barrel, headed for a 2.9% jump for the week. Both benchmark contracts hit their highest since October 2018 on Thursday. All eyes are on the Organization of the Petroleum Exporting Countries, Russia and allies - together called OPEC+ - who are due to meet on July 1 to discuss further easing of their output cuts from August. ....
Oil prices fall for second straight day on surging US dollar, Brent crude reaches $72.56 per barrel Brent crude futures were down 52 cents, or 0.7%, at $72.56 a barrel as of 0227 GMT, extending a 1.8% decline on Thursday. US West Texas Intermediate (WTI) crude futures were down 48 cents, or 0.7%, at $70.56 a barrel, after retreating 1.5% Reuters | June 18, 2021 | Updated 08:23 IST Oil prices fell for a second consecutive day on Friday as the US dollar soared on the prospect of interest rate hikes in the United States, but were nevertheless on track to finish the week flat - only slightly off multi-year highs. Brent crude futures were down 52 cents, or 0.7%, at $72.56 a barrel as of 0227 GMT, extending a 1.8% decline on Thursday. US West Texas Intermediate (WTI) crude futures were down 48 cents, or 0.7%, at $70.56 a barrel, after retreating 1.5% on Thursday. ....