International News

Oil prices closing out week with 2016 highs

LONDON, (APP/AFP) – Oil prices hit 2016
highs on Friday, rounding off a strong week for crude which has won support from a weaker dollar.
Dollar-denominated oil has become more attractive for buyers of rival
currencies despite lingering concerns about a global supply glut, thanks to the US unit falling heavily, particularly against the yen.
This came after the US Federal Reserve held interest rates unchanged
at its policy meeting, signalling it was in no hurry to raise rates.
The dollar has since fallen sharply against the yen after the Bank of
Japan decided against additional stimulus measures for the struggling Japanese economy.
On Friday, the Brent oil contract reached $48.50 a barrel — the
highest level since early November.
US benchmark West Texas Intermediate (WTI) hit a near six-month peak
at $46.63.
Brent is meanwhile on course for its best monthly gain since May
2009, noted David Cheetham, analyst at trading firm XTB, on the final trading day of April.