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US crude trims gains, but remains above $72
Oil prices rose on Friday, as investors parse the Emirati-Saudi agreement about the OPEC-Plus production policy, while the US dollar rose against its counterparts.
Reuters quoted informed sources that Saudi Arabia and the UAE were able to resolve their dispute over OPEC+ production policy, and set a higher baseline output level for the UAE at 3.65 million bpd after the end of the current cut agreement in April 2022.
The dollar index rose against a basket of major currencies by less than 0.1% to 92.6 points as of 17:30 GMT, after hitting a high of 92.7 points and a low of 92.5 points.
WTI crude August futures rose 0.6% to $72.1 a barrel, after hitting a high of $72.3 and a low of $70.4.
Brent September futures rose 0.5% to $73.8 a barrel, after hitting a high of $74.09 and a low of $72.3.
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