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[size=30]Oil falls due to profit taking and a stronger dollar[/size]
23/12/2016 09:49 | Number of Views: 44
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Direction Press / Agencies
Oil prices fell on Friday in thin Asian trading before the holiday Christmas holidays and New Year to dissipate some of the gains made in the previous session with Iqbal Traders on profit-taking.
Hostel International benchmark Brent crude futures for February delivery 20 cents, or 0.4 percent, to $ 54.85 a barrel at 0616 GMT, after it ended the previous session, up 1.1 percent.
And decreased crude West Texas Intermediate US 26 cents, or 0.5 percent, to $ 52.69 a barrel after a 0.9 percent increase at the settlement yesterday.
Scored dollar index, which tracks the US currency's performance against a basket of major currencies fell slightly on Friday, but remains near its highest in 14 years of 103.65 hit earlier this week.
A higher dollar increased the cost of dollar-denominated commodities such as oil to holders of other currencies.
Oil prices hovering near its highest levels since mid-2015 with the support of the agreement producers in the Organization of Petroleum Exporting Countries (OPEC) and outside to cut production by about 1.8 million barrels per day with effect from the first of January
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