Crude prices fall as dollar recovers, U.S. shale production increases
Crude prices fell on Friday ahead of the weekend after yesterday's climb, as wavering continues due to conflicting factors on prices.
U.S. crude futures last traded at $53.13 a barrel, down from the opening of $53.43, with an intraday high at $53.50, and a low at $52.87.
Crude's decline comes as U.S. shale production increases, leading to surges in crude and gasoline inventories in recent weeks and causing oversupply concerns.
On the other hand, the dollar rose against a basket of currencies away from a one-week low hit yesterday, as odds rise of another rate hike in the Federal Reserve's next meeting, hurting the greenback-denominated crude futures.
Crude's decline was limited however, and within its recent range, after OPEC left the door open for more production cuts to underpin prices.