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Oil falls on higher dollar in volatile week

12 November 2021 08:20 (UTC +04:00)

Oil prices drifted lower on Friday, wiping out gains from the previous session, as the dollar continued to rise on bets the U.S. central bank will bring forward plans to raise rates to tame inflation, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures fell 26 cents, or 0.3%, to $81.33 a barrel at 0128 GMT, reversing Thursday's 25 cent gain.

Brent crude futures fell 25 cents, or 0.3%, to $82.62 a barrel, erasing Thursday's gain.

Both contracts were poised to end the week roughly unchanged after sharp moves up and down, driven by a soaring dollar and speculation on whether the Biden administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.