Oil prices turned higher during trading, as the dollar’s value stabilized against major currencies, but they tended to record weekly losses exceeding 6%.
During trading, the prices of Brent crude futures for June delivery rose 0.20% to $81.28.
The prices of U.S. Niemex crude futures for June delivery increased 0.25% to $77.57.
However, Al-Khamsan tended to register nearly 6% weekly losses, as they were squeezed by stronger dollar prospects, and concerns about demand growth under speculation of economic recession. Earlier in the day, Crown Prince Mohammed bin Salman discussed with Russian President Vladimir Putin the “OPEC +” deal to cut production.
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