Oil markets remained stable on Friday, backed up by continuous Russia and OPEC led supply restrictions as well as by high demands. despite that, the possibility of increasing U.S. shale output limited price rises.
At 01:20 GMT, Brent crude futures were at $63.80 a barrel, falling 13 cents but still within range to a more than two year high of $64.65 per barrel earlier this week.
WTI, U.S. West Texas Intermediate crude was at $57.02 a barrel, plunging down by 15 cents, still also close to this week’s more than two year highs of $57.92 per barrel.
According to analysts, high prices were the outcome of the efforts of the OPEC and Russia to ccurb supplies to tighten the market as well as high demand and increasing political tensions.
OPEC is scheduled to discuss output policy in a meeting on November 30, and it is predicted that the group will lengthen the cuts beyond the current expiry date in March 2018.
The dollar slightly recovered on Friday after it declined in the previous session due to disappointment about the tax reduction bill.
The dollar index which measures the greenback versus a collection of six other major currencies, went up 0.1 percent to 94.493 following its decline in the previous session. From a weekly perspective, it fell 0.5 percent. Versus its Japanese counterpart, the greenback declined by 0.1 percent closing at 133.38 yen.