Oil prices record 2% gains following dollar decline
12 Mar 2021
Picture used for illustrative purpose. File
Gulf Today Report
Oil prices gained above 2 per cent on Friday as dollar declines and hope for crude glut being short-lived following a decline in US fuel stocks.
Brent crude oil futures for May settled up $1.73, or 2.6%, to $69.63 a barrel while US West Texas Intermediate crude for April ended the session $1.58 or 2.5% higher, at $66.02.
Jim Ritterbusch, president of Ritterbusch and Associates said. "we feel that the energy complex could remain in a stall well into next week with WTI bounded roughly by parameters of about $63 to $68 before any renewed up-spike."