Crude oil prices decline on Friday

 

Crude oil prices decline on Friday

Crude oil prices declined on Friday on the back of a drop in the value of the US dollar. The fall in prices was also driven by a rise in the number of jobless benefit applications in the US.

A crude oil trader informed that prices fell as the US Labor Department stated that for the week ended September 6, the number of people applying for jobless benefits increased by 11,000 to 315,000.

The decline in prices was also triggered by a rise in the value of the US dollar to 1.2929 per euro. Gains by the US greenback prompt investors holding stakes in dollar-denominated commodities like crude to offload their stakes, sending prices higher.

Nymex crude futures traded lower at USD 92.27/barrel while Dated Brent prices were down at USD 97.11/barrel. WTI Cushing prices were lower at USD 92.27/barrel.