- WTI posted gains for the fourth day in a row on Friday.
- The rally in the US dollar puts pressure on higher levels.
- Higher demand for energy, tight supply and falling US inventories favor WTI.
Crude oil WTI continues to move higher and continues on track to rise around 2% on the week. Prices are capped within a narrow during the European session on Friday after posting strong gains the day before. At the time of writing, WTI is trading at $ 73.19, up 0.05% on the day.
The rally of the US dollar DXY index, which shows the performance of the USD against major currencies, limits the gain in black gold prices for the moment. The DXY index is trading around 93.15, up 0.13% on the day.
Crude prices are moving higher by supply-side concerns and growing demand for fuels amid falling US crude reserves. The US Energy Information Administration (EIA) reported that US crude inventories fell by 3.5 million barrels to 414 million last week, the lowest level since October 2018.
What’s more, oil companies in the United States fought to fully restore production on the East Coast after two hurricanes damaged facilities on the Gulf Coast. Oil production in the Gulf of Mexico fell nearly 16% as a result of the storms.
For now, the dynamics of the US dollar continues to influence WTI prices.
WTI additional levels
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