Doha: Oil prices fell for a third consecutive session on Friday, weighed down by expectations of higher global supply as the United States seeks to broker a peace agreement between Russia and Ukraine. Brent crude futures fell 71 cents, or 1.12%, to $62.67 a barrel, after slipping 0.2% in the previous session. US West Texas Intermediate (WTI) crude dropped 71 cents, or 1.20%, to settle at $58.29 a barrel, following a 0.5% decline yesterday. Both benchmarks are on track to lose more than 2% this week as concerns grow over the prospect of increased supply.
According to Qatar News Agency, the strengthening US dollar also weighed on oil prices, as a higher dollar makes the commodity more expensive for holders of other currencies. The dollar is heading for its strongest weekly performance in more than a month, supported by investor expectations that the US Federal Reserve will refrain from cutting interest rates in December.