Oil prices fall on rising US dollar, expectations for supply gains

MELBOURNE: Oil prices fell on Friday as a collapse in bond prices led to gains in the U.S. dollar and expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to come back to the market.

U.S. West Texas Intermediate (WTI) crude futures dropped 36 cents, or 0.6%, to $63.17 a barrel at 0241 GMT, giving up all of Thursday’s gains.

Brent crude futures for April fell 18 cents, or 0.3%, to $66.70 a barrel, following a 16 cent loss on Thursday. The April contract expires on Friday. The more active May contract fell 32 cents, or 0.5%, to $65.79.