WTI Crude oil Trading eased below $89 per barrel on Friday but were still on track to end the week higher,underpinned by a tightening supply outlook, record US exports and a sharp retreat in the dollar.
The US exported a record amount of crude and fuel last week even as fuel inventories hit seasonal lows in domestic markets, weighing on the supply outlook.
A sharp retreat in the dollar supported oil prices as well, as it makes greenback-priced commodities
less expensive for buyers holding other currencies.
Crude Oil trading price are also on course to gain in October, breaking four months of losses, driven largely by an OPEC+ decision to cut output by 2 million barrels a day from November, as well as escalating Western sanctions on Russian oil.
Meanwhile, investors stayed cautious as the demand outlook remained clouded by surging inflation, rising interest rates and mounting recessionary risks.