Oil rises, affected by weak dollar and lower US fuel stocks

Oil prices compensated for losses incurred earlier in the session and rose in Asian transactions on Friday, supported by the weakness of the dollar and the decline in US fuel stocks. At the same time, a row continues between Saudi Arabia and the United States over plans by the OPEC + group to cut production.

Brent crude futures rose 31 cents, or 0.3 percent, to $94.88 a barrel by 0622 GMT, while West Texas Intermediate crude futures rose 36 cents, or 0.4 percent, to $89.47 a barrel.

The OPEC + group, which includes the Organization of Petroleum Exporting Countries (OPEC) and independent oil producers, including Russia, announced last week to reduce oil production by two million barrels per day.

This decision led to a rift between Saudi Arabia, the group’s de facto leader, and the United States. Riyadh rejected Washington’s criticism and said it was “not based on facts,” adding that the US request to delay production cuts for a month could have negative economic repercussions.

Oil prices also received support from a sharp decline in US distillate stocks, which came at a time when there is an expected increase in demand for heating oil with the approach of winter.

And the US Energy Information Administration said that distillate stocks, including fuel and heating oil, fell 4.9 million barrels to 106.1 million barrels, their lowest level since May, compared to expectations for a decrease of two million barrels.