Oil edges higher on weaker dollar, but demand threats from US China tension


Oil prices edged higher on Friday on the back of a weaker US dollar, although demand concerns stemming from rising coronavirus cases and escalating US-China tensions kept a cap on prices. The dollar slid to 22-month lows against a basket of currencies. A weaker dollar usually ups buying of commodities priced in the greenback, like oil, because they become cheaper for holders of other currencies.

Brent crude rose by 6 cents, or 0.1 per cent, to $43.37 a barrel by 0634 GMT, and US West Texas Intermediate (WTI) crude rose by 1 cent.

This article is no longer available in our repository.

There could be multiple reasons for this.