Brent crude futures rise 29c amid a decline in US distillate stocks
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.
“The softened US dollar and the strong rebound in risk assets lifted oil prices, the rebounding momentum may continue into today’s Asian session,” said Tina Teng, an analyst at CMC Markets, as a weaker dollar usually makes dollar-denominated commodities like oil cheaper for holders of other currencies.
Meanwhile, Saudi Arabia and the US continued to clash over a decision by Opec and allies, known as Opec+, last week to cut its oil production target. Saudi Arabia, Opec’s de facto leader, rejected criticisms by Washington as “not based on facts” and that the US request to delay the cut by a month would have had negative economic consequences.
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