Oil prices were unchanged in early trading today, Friday, but are nearing their first weekly gain in five weeks, helped by a weaker US dollar and the likelihood that the OPEC+ group will agree to cut crude production when it meets. the fifth of October the first.
U.S. West Texas Intermediate crude for November delivery rose 6 cents to $81.29 a barrel after falling 92 cents in the previous session.
November futures for Brent crude also rose 2 cents to $88.51 a barrel after losing 83 cents in the previous session.
Both Brent and West Texas Intermediate are up about 3% this week, their first weekly gains since August after hitting their lowest levels in nine months in recent days.
A source said early last week that Russia could propose a cut of up to 1 million barrels per day.
Oil prices also rose as the dollar fell from its highest level in 20 years last week. A weaker dollar makes dollar-denominated oil cheaper for buyers holding other currencies, boosting demand for the commodity.
Source: El Iktisad
