Oil Prices Ease From 2016 Highs on Stronger Dollar
Analysts said that a rebound in the dollar had dented oil prices by making fuel imports for countries using other currencies more expensive. The dollar index was up 0.28 percent adding to Thursday's gains as jittery global financial markets sent investors toward safe haven currencies. "Oil prices eased back from a near 12-month high as the dollar reversed its recent trend," ANZ bank said on Friday adding that supply disruptions around the world should help to keep prices from falling deeper. Crude prices have almost doubled since touching their lowest in more than a decade in early 2016 as strong demand and supply disruptions erode a glut that pulled down prices by as much as 70 percent from a mid-2014 peak. Declines in U.S. shale oil output are being compounded by steep falls in Nigerian production due to attacks by militants and in Canada due to forest fires.