Oil drilling rigs
Oil prices declined on Friday, extending their downtrend for the third straight day amid investor anticipation of global interest rates.
Futures for Brent crude, scheduled for May delivery, dropped by 0.63%, or $0.54, to $85.24 a barrel, at 10:16 am Makkah time.
Similarly, futures prices for US West Texas Intermediate (WTI) crude, scheduled for May delivery, lost 0.63%, or $51, to $80.56 per barrel.
The dollar index, which measures the performance of the US currency against a basket of six currencies, rose by 0.81% to 104.27 points.
“Geopolitical risks are likely to create some bouts of volatility despite the recent decline,” said Han Zhong Liang, investment strategist at Standard Chartered Plc.
US crude inventory data would be one to watch, given the recent contractions in stockpiles, he added.
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