Categories: Business

Oil edges up on weaker dollar, low US diesel stocks


Fri, 2022-10-14 08:04

SINGAPORE: Oil prices reversed earlier losses and inched up in Asian trade on Friday, supported by a weaker US dollar and as diesel inventories fell, while Saudi Arabia and Washington continued to clash over plans by OPEC+ to slash production.

Brent crude futures rose 29 cents, or 0.3 percent, to $94.86 per barrel by 0242 GMT, while US West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.35 percent, at $89.42 per barrel.

Both contracts however were down for the week by about 3 percent after two prior weeks of gains amid recession concerns.

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