New York [US], October 22:Oil prices climbed on Friday to log a gain for the week.
The West Texas Intermediate (WTI) for December delivery increased 54 cents, or 0.6 percent, to settle at 85.05 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 1.12 dollars, or 1.2 percent, to close at 93.5 dollars a barrel on the London ICE Futures Exchange.
Prices garnered some support from a retreat in the U.S. dollar. The dollar index, which measures the greenback against six major peers, decreased 0.79 percent to 111.9900 in late trading on Friday. Historically, the price of oil is inversely related to the price of the U.S. dollar.
Meanwhile, traders continued to assess the implication of a slowing global economy and a major output cut announced earlier this month by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.
"Caught between demand concerns on the one hand and tight supply on the other, the oil price is likely to tread water," energy analysts at Commerzbank Research said in a note Friday.
For the week, the WTI rose 0.5 percent, while Brent advanced 2 percent, based on the front-month contracts.
Source: Xinhua