ISLAMABAD (PEN) : Oil prices dropped on Friday, setting the stage for a second consecutive weekly decline, as a robust dollar and mixed economic signals impacted investor confidence.
Brent crude fell by 38 cents, or 0.5%, settling at $84.73 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 50 cents, or 0.6%, to $82.32 a barrel. For the week, Brent crude saw a decline of 0.3%, and WTI showed a slight increase after dipping as much as 0.2% earlier on Friday.
The rise in the U.S. dollar index, which has climbed for two straight sessions, added to the pressure on oil prices. This uptick came after stronger-than-expected data on the U.S. labor market and manufacturing earlier in the week. A stronger dollar makes oil more expensive for investors using other currencies, which can reduce demand and further contribute to the downward trend in prices.
