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Oil futures rose on Friday and headed for their fourth week of gains, buoyed by supply constraints and a weak dollar, although an imminent release of crude reserves by China is looming.
At 07:13 GMT, crude oil futures Brent gained 85 cents, or 1.02%, to a two-month high of $85.33 a barrel, while the West Texas Intermediate in the United States (WTI) was up 59 cents, or 0.72%, at $82.71.
Crude prices turned positive as the dollar headed for what could be its biggest weekly decline in more than a year. A weaker greenback makes commodities more affordable for holders of other currencies.
Several banks have predicted that the price of oil will reach 100 dollars per barrel this year, as demand is expected to outstrip supply, bringing into focus capacity constraints among the countries of the OPEC+.
“Considering that OPEC+ is nowhere near pumping its global quota yet, this narrow margin could become the biggest bullish factor for oil prices in the coming months,” said Stephen Brennock, an analyst at PVM.
However, gains were limited after Reuters reported that China plans to release oil reserves around the holidays. lunar new year, between January 31 and February 6, as part of a coordinated plan by the United States with other large consumers to reduce world prices, sources said.
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