Oil prices rise supported by the dollar’s decline


Oil prices rose on Friday to compensate some of the losses incurred in the previous session as the dollar fell, which encouraged investors to buy, but they are still cautious after the Russian production data showed a weakening commitment to the global agreement to cut production.
International benchmark Brent crude rose 19 cents to $ 55.27 a barrel at 0941 GMT, recouping some losses on Thursday, which exceeded two percent.
US crude West Texas Intermediate futures rose eight cents from the previous close to $ 52.69 a barrel.

The dollar index, which tracks the performance of the US currency fell against a basket of major currencies on Friday, down from its highest level in seven weeks ahead of a key speech received head of the Federal Reserve (Fed) Janet Yellen.
Russian Energy Ministry data showed the stability of the Russian oil production in February at 11.11 million barrels a day, unchanged from January. Thus, the Russian reduction remains at 100 thousand barrels per day from the October 2016 level which is equivalent to one-third the size of the cuts pledged by Moscow in the framework of the Organization of Petroleum Exporting Countries agreement (OPEC).

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