Oil prices withdrawal earlier in the week as the U.S. dollar rallied following implications that the U.S. Federal Reserve could launch another round of rate hike at its next meeting in June.
Oil prices rose in early trading on Friday as turmoil in Nigeria,militants blew up another pipeline in African producer Nigeria. Shale bankruptcies in the United States and the crisis in Venezuela all contributed to tightening supplies.
Despite this, overfull inventories across the world were preventing supply shortfalls and sharper price hikes, analysts said.
Crude oil prices slid on Thursday on a stronger dollar and an unanticipated increase in U.S. crude inventories. The fall comes after a rally in recent sessions fueled by production outages in Africa and Canada and production slumps across the globe
On Thursday, oil prices fell as U.S. rate hike expectations lifted the dollar, but crude pared losses on worries about more supply interruptions from Nigeria’s main crude oil terminal. Growing expectations that the U.S.
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