Oil fell today, Friday, after rising a dollar in early trading as prices were impactedstrength of the dollar The economic outlook was weak, but hopes for higher Chinese demand limited losses.
Brent crude futures were down 24 cents, or 0.3%, to $78.45 a barrel, as of 12:31 GMT.
US West Texas Intermediate crude futures also fell 24 cents, or 0.33%, to $73.43 a barrel.
Both contracts rose by more than a dollar at the start of the session but then fell as the dollar soared to a one-month high.
A stronger dollar could reduce demand for oil, as commodities denominated in the US currency become more expensive for holders of other currencies.
The dollar’s rise came after economic data showed that the US job market still has more jobs than there are looking for them, which could push the Federal Reserve States) to continue to raise interest rates on a large scale.
Oil prices received support from news that China, the world’s largest importer of crude oil, expects passenger traffic by road, rail, sea and air to double during the Lunar New Year holiday compared to the same period in 2022.
On a weekly basis, Brent and West Texas contracts are expected to decline about 9%, amid fears of a global recession.
And Saudi Arabia, the world’s largest crude exporter, cut prices of its Arab Light crude for buyers in Asia to their lowest levels since November 2021, amid global pressure on oil markets.
