Oil extends losses

Oil prices fell on Friday, extending declines in the prior session, as the dollar strengthened on the prospect of interest rate hikes in the US.

Demand worries also resurfaced after new coronavirus cases jumped in Britain, while supply concerns over the return of Iranian barrels also weighed on the market.

In China, meanwhile, the National Development and Reform Commission said it will tighten its monitoring of commodity prices and strengthen market supervision, amid efforts to contain inflation and step up scrutiny over the country’s commodity markets.

On the supply side, OPEC+ recently agreed to keep to their plan to gradually ease supply curbs through July, signaling the ongoing strengthening of market fundamentals.

At around 06:15 AM GMT, Brent crude dropped 0.6% to trade at $72.08 a barrel, while WTI crude was down 0.5% to $70.74 a barrel.

For the week, both benchmarks are heading to a 0.1% drop, the first a first weekly drop in four weeks.

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.

Source: Trading Economics