Oil prices stable as US-China tensions offset weak dollar

Oil prices were flat on Friday as support from a weaker dollar was offset by tensions between the United States and China.

Brent crude was down 1 cent at $43.30 a barrel by 0807 GMT, while US West Texas Intermediate (WTI) crude up 1 cent at $41.08.

“Oil… lost its lustre as demand-side jitters returned to the fore of concerns. Not even an ailing dollar could spare bulls’ blushes,” PVM analysts said in a note.

“Both crude benchmarks are roughly back where they were before this week’s upside breakout. Looking ahead, the oil market will likely settle back into a wait-and-see mode amid the increasingly uncertain environment.”