Oil prices fell on Friday, as the US dollar rose against most of its peers, ahead of the Baker Hughes oil rigs count data.

US President Joe Biden announced the US rejoining the Paris agreement on climate change, and his administration is considering halting oil and gas exploration agreements of his predecessor Donald Trump.

And Baker Hughes, the oil services company, will announce later today, data for its crude and natural gas exploration activities in the United States for this week.

The dollar index rose against a basket of major currencies by 0.1% to 90.1 points as of 16:41 GMT, after hitting a high of 90.3 points and a low of 90.05 points.

As of 16:39 GMT, WTI crude February futures fell 1.3% to $52.4 a barrel, after hitting a day high of $53.1 and a low of $51.4.

Brent March futures fell 1.2% to $55.4 a barrel, after hitting a high of $56.03 and a low of $54.8.

Nickel prices rose on Friday, amid optimism about the strength of demand for electric vehicles, which benefits nickel as it is one of the major metals used in the electric batteries.

Nickel prices jumped about 70% since hitting the lowest level in March, as analysts bet on increased demand for electric vehicles.

US President Joe Biden announced the US rejoining the Paris agreement on climate change, which includes reducing carbon dioxide emissions and the adoption of environmentally friendly policies.

The dollar index fell against a basket of major currencies by 0.1% to 90.2 points as of 14:34 GMT, after hitting a high of 90.3 points and a low of 90.05 points.

Nickel spot futures rose 0.1% to trade at $18,039.7 per tonne as of 14:35 GMT.

US stock indices opened lower on Friday, amid renewed concerns over the coronavirus pandemic.

US President Joe Biden said that things will get worse before they get better, after the Covid-19 death toll exceeded 400,000 victims.

The US manufacturing PMI rose to 59.1 points in December, beating forecasts of 56.6 points.

The US services PMI rose to 57.5 in December, also higher than forecasts of 53.3.

As for stocks, Dow Jones fell 0.6% or 190 points to 30,991 as of 14:56 GMT, Nasdaq fell 0.1% or 12 points to 13,518, S&P 500 fell 0.3% or 11 points to 3,841.

Oil prices continued to fall as the US market opened on Friday, and hit a 2-week low while on track for the second daily loss out of 3 days, weighed down by demand concerns in China after the Chinese authorities imposed new lockdown restrictions due to rising coronavirus infections, in addition to a build in the US crude inventories, according to the American Petroleum Institute's preliminary data, and ahead of the Energy Information Administration's official data. 

US crude fell 3.1% to the lowest level since January 8 at $51.46 a barrel, after opening at $53.09, and hit a high of $53.13, and Brent crude fell 2.7% to it 2-week low of $54.50 a barrel, after opening at $56.00, and hit a high of $56.20.

US crude yesterday rose 0.1% yesterday, and Brent crude futures rose 0.6%, as most dollar-denominated commodity prices rose.

The Chinese authorities imposed new lockdown restrictions in the country, aimed at preventing the spread of the second Covid-19 wave, especially after a spike of infections in many provinces.

Shanghai has reported the first coronavirus cases in more than 2 months, and the Chinese government urged citizens not to travel during the Lunar New Year holiday.

The American Petroleum Institute reported Wednesday that crude inventories rose 2.6 million barrels during the week ending January 15, missing forecasts of a drop by 1.2 million barrels.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to fall by 1.2 million barrels.