Oil prices went up on Friday as the dollar declined, but were still on track for big weekly losses due to concerns that the United States will continue its fast interest rate hikes and the likelihood of weaker demand in China amid rising Covid-19 cases.
Brent crude futures gained 60 cents, up 0.67% to $90.38 a barrel at 10.21 A.M. (Thai time), but were not far off a four-week low of $89.53 hit in the previous session.
U.S. West Texas Intermediate (WTI) crude futures rose 81 cents, or 0.99%, to $82.45 a barrel, but held near a six-week low.
A small dip in the dollar aided oil prices on Friday, as a weaker greenback makes oil cheaper for buyers holding foreign currencies.
So far this week, WTI is down almost 7% while Brent is down almost 6%.
Analysts say the market is cautious because of worry about probable lockdowns in China to curb a surge in COVID cases, which have reached their highest level since April. They are also concerned that further interest rate hikes would drive the U.S. economy into recession.
