Oil prices fall as dollar climbs, but set for weekly gain on supply concerns

MELBOURNE – Oil prices fell in early trade on Friday on a stronger dollar, but were on track for a weekly gain on concerns about supply tightening with Europe’s pending cut-off of imports from Russia.

Brent crude futures came off 42 cents, or 0.4 percent, to $96.54 a barrel at 0043 GMT, after rising 1.3 percent in the previous session. U.S. West Texas Intermediate (WTI) crude futures were down 56 cents, or 0.6 percent, at $88.52 a barrel, paring about half the gains from the previous session.

Still, both benchmark oil contracts were on course for a weekly rise, with Brent heading for a gain of more than 3% and WTI more than 4 percent.

Friday’s declines came as the dollar index i…

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