Oil continues to drop ahead US drilling rigs count
Oil prices fell on Friday, amid concerns over the Chinese economy and renewed tensions between the US and China.
Baker Hughes will reveal later today its count for the US rigs working in shale oilfields for this week.
China decided on Friday to not set a specific target for economic growth this year, which renewed concerns about the Covid-19 pandemic impact and a drop in demand.
The dollar index rose against a basket of currencies by 0.5% to 99.8 points as of 16:45 GMT, after it hit a high of 99.8 and a low of 99.3.
West Texas Intermediate crude fell 3.1% to $32.8 a barrel as of 16:42 GMT, after it hit a day high of $34 and a low of $30.7.
Brent crude lost 3.2% to $34.9 a barrel, with a high of $36.2 and a low of $33.5.
US drilling rigs count falls - Baker Hughes
Baker Hughes Co announced today that the US crude oil drilling rigs fell by 21 rigs to 237 during this week.
While the natural gas rigs remaind unchanged at 79 rigs, with the total of oil and gas rigs falling by 21 to 318.
Dollar keeps gains on strong safe-haven demand after negative Chinese news
The US dollar rose against most currencies on Friday, to maintain its gains on safe haven demand amid fears over a renewed tensions between the US and China.
China decided on Friday to not set a specific target for economic growth this year, which renewed concerns about the Covid-19 pandemic impact and a drop in demand.
Tensions between Washington and Beijing have escalated after accusations by several US officials that China is main the cause behind the coronavirus outbreak and the increase in global infections and deaths.
This came after the Trump administration accused China of mishandling the coronavirus outbreak and blaming it for the global pandemic and the death of hundreds of thousands of victims.
The US market will be closed next Monday in observance of the Memorial Day holiday.
The dollar index rose against a basket of currencies by 0.5% to 99.8 points as of 18:05 GMT, after it hit a high of 99.8 and a low of 99.3.
US stocks open lower on renewed trade war concerns
US stock indices fell on Friday, amid lingering concerns over a renewed trade war between the US and China on the origin of the coronavirus crisis.
The number of coronavirus infections has surpassed 5 million globally, with a death toll of hundreds of thousands victims, more than 90,000 thousand of which are US citizens.
President Donald Trump told Fox News that China's mishandling of the outbreak is the main cause behind the death of hundreds of thousands globally.
The US Senate yesterday passed a bill that would prevent Chinese companies from listing their shares for public offering on the US stock exchanges.
As for stocks, Dow Jones fell 0.5% or 132 points to 24,341 as of 14:07 GMT, Nasdaq fell 0.2% or 20 points to 9,264, and S&P 500 fell 0.3% or 10 points to 2,937.