Weakening dollar pushes up oil prices

With the dollar losing steam, oil prices climbed the charts during Friday’s trade. US crude futures remained on track to close the week as investors remained worried about the global oil glut. WTI crude futures for September delivery settled upward at 3.02%, or USD 1.42, to USD 48.51 per barrel. Investors also considered rig count data from Baker Hughes, which showed that US rigs fell by 5 to 763.
 
Nigeria's crude oil exports are expected to slip to 1.72 million barrels per day (bpd) in October, loading programmes indicated on Friday. Signs of supply tightness have started appearing in the United States, the world’s biggest oil consumer. Despite a 13% jump in production since mid-2016 to 9.5 million barrels per day, the country’s commercial crude inventories have fallen 13% from their March records to below 2016 levels.