Oil fell today, Friday, following rising by a dollar in early trading, as prices were affected bydollar strength Weak economic prospects, but hopes for higher Chinese demand limited losses.
Brent crude futures fell 24 cents, or 0.3%, to $78.45 a barrel, by 1231 GMT.
US West Texas Intermediate crude futures also fell 24 cents, or 0.33%, to $73.43 a barrel.
Both contracts rose by more than a dollar earlier in the session, but then fell as the dollar climbed to a one-month high.
A stronger dollar might reduce demand for oil, as commodities denominated in the US currency become more expensive for holders of other currencies.
The rise in the dollar came following economic data showed that the labor market in the United States still has more jobs than the number of those looking for it, which may push the Federal Reserve (the US central bank) to continue raising interest rates at large rates.
Oil prices received support from news that China, the world’s largest importer of crude oil, expects passenger traffic by road, rail, sea and air to double during the Lunar New Year holiday compared to the same period in 2022.
On a weekly basis, Brent and West Texas contracts are set to decline by regarding 9%, amid fears of a global recession.
And Saudi Arabia, the world’s largest crude exporter, cut the prices of its Arab Light crude for buyers in Asia to their lowest levels since November of 2021, amid global pressure on oil markets.
