ALBAWABA – Oil prices slipped significantly Friday through Saturday as the United States (US) dollar strengthened, while still retaining much of their gains three weeks in.
News agencies have reported concerns of profit-taking weighing down oil prices in various markets.
Brent crude futures settled at $79.87 per barrel, down $1.49, according to Reuters, while West Texas Intermediate crude futures fell $1.47 to $75.42 a barrel.
"It just appears to be some profit taking, with some demand concerns coming back to the front and center as the dollar rebounds," John Kilduff, partner at Again Capital, told Reuters.
The US dollar index edged higher after hitting a 15-month low during the last session, as investors consolidated ahead of the Western weekend.
A stronger greenback reduces oil demand and oil prices, making crude more expensive for investors and governments holding other currencies.
