Oil climbs as dollar slips amid weak demand prospects
Oil prices rose on Friday as the dollar slipped but were headed for hefty weekly losses on expectations there will be no let-up in sharp US interest rate hikes and the prospect of weaker demand from top oil importer China amid rising Covid-19 cases.
Brent crude futures clawed back 67 cents, up 0.8 per cent to $90.45 a barrel at 0130 GMT, but were not far off a four-week low of $89.53 hit in the previous session.
US West Texas Intermediate (WTI) crude futures rose 70 cents, or 0.9 per cent, to $82.34 a barrel, but held near a six-week low.
A slight decline in the dollar helped oil prices on Friday, as a weaker greenback makes oil cheaper for buyers holding other currencies.
