Oil loses nearly 3% on dollar strength, supply glut concerns

By FXStreet FXStreet (Córdoba) – Oil prices lost nearly 3% on Friday in thinned-trade post-Thanksgiving amid broad USD and as oversupply concerns continue to weigh.

West Texas Intermediate dropped $1.27, or 2.95% to settle to $41.71 a barrel. Over the week, WTI futures were down 0.6%, posting its fourth loss in a row. Meanwhile, Brent crude, finished 1.6% lower at $45.46 a barrel.

Global supply glut concerns and dollar strength amid expectations of a rate hike by the Fed continue to drive the commodity lower.

Earlier this week, the Energy Information Administration (EIA) said that US crude inventories rose by 1 million barrels for the week ending on Nov. 20, slightly below expectations. The American Petroleum Institute reported an increase of 2.6 million barrel in crude stockpiles last week. Still US stockpiles remain at their highest levels in over 80 years.

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Source:: FX Street