London — Oil prices were flat on Friday as support from a weaker dollar was offset by tensions between the US and China.
“Oil ... lost its lustre as demand-side jitters returned to the fore. Not even an ailing dollar could spare bulls’ blushes,” PVM analysts said in a note. China ordered the US to close its consulate in the city of Chengdu on Friday, responding to a US demand this week that China close its Houston consulate.A weaker dollar usually spurs buying of commodities priced in dollars such as oil because they become cheaper for holders of other currencies.
The number of Americans filing for unemployment benefits hit 1.416-million last week, unexpectedly rising for the first time in nearly four months, suggesting the US economic recovery is stalling amid a resurgence in Covid-19 cases. Globally, more than 15-million have been infected and over 620,000 have died.
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