Oil climbs as US dollar falls amid OPEC+ supply stalemate

Crude is set for its first weekly loss since May on near-term supply uncertainty.

Oil prices rose as a weaker dollar and strong U.S. fuel demand during the country’s peak summer driving season boosted the commodity after a week of volatile trading. Futures advanced as much as 2.4% on Friday, gaining in tandem with other commodities. The dollar weakened, boosting the appeal of commodities priced in the currency. Prices rose after a U.S. government report this week showed the seventh straight decline in crude inventories and record gasoline demand in the week leading into the July 4th holiday weekend. Still, crude is set for its first weekly loss since May, on near-term supply uncertainty. The Organization of Petroleum Exporting Countries and its partners have been unable to reach an agreement to raise output for August and subsequent months.