Suara.com – World crude oil prices were little changed on Thursday’s trading, as a weaker US dollar and strengthening stock markets offset earlier losses.
Quoting CNBC, Friday (9/4/2021) West Texas Intermediate crude oil futures for the May delivery contract, a benchmark for the United States, closed down 17 cents to 59.60 US dollars per barrel.
Meanwhile, Brent crude futures for June delivery, the international benchmark, closed up 4 cents at $ 63.20 per barrel.
“Crude oil prices are struggling to find direction as short-term Covid pressure is offset by a much weaker US dollar,” said Edward Moya, OANDA analyst in New York.
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The US dollar fell to a two-week low against other currencies following lower US Treasury yields, after data showed a surprise increase in US weekly jobless claims.
The depreciation of the dollar makes oil cheaper for holders of other currencies, which usually helps increase the price of crude oil.
Russia said the impact of the Covid-19 pandemic on global oil consumption could last until 2023-2024.
Although demand for oil remains weak due to the impact of the coronavirus, crude oil production is likely to increase.
Last week, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, a group known as OPEC Plus, agreed to return about 2 million barrels of production per day over the next three months.
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Russian oil production increased from its March average level in the first few days of April, traders said.
Iran and the United States are holding talks to revive a nuclear deal that nearly stopped Iranian oil from entering the market, reviving tentative hopes Tehran might see some sanctions lifted and add to global supplies.