Oil keeps losses after 3-day rally
Oil prices fell on Friday, after a three-session rally as the US dollar steadied against most of its peers.
Oil took a pause after a several day rally lifted by expectations about global demand and a a drop in US inventories.
The market absorbed OPEC-Plus decision to gradually increase oil output during May to July.
The dollar index rose against a basket of major currencies 0.1% to 92.1 points as of 17:44 GMT, after hitting a high of 92.4 points and a low of 92.03 points.
As of 17:41 GMT, WTI crude May futures fell 0.5% to $ 59.3 a barrel, after hitting a high of $59.9 and a low of $59.1.
Brent May futures fell 0.4% to $62.9 a barrel, after hitting a high of $63.4 and a low of $62.5.
Dollar pares gains and holds
The US dollar steadied against most of its peers on Friday, and gave up its early gains.
Countries around the world are intensifying their efforts to combat the Covid-19 pandemic with largescale vaccination campaigns.
The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.
The IMF also estimated the US economy to grow to 6.4% in 2021 based on the Federal Reserve's forecasts.
Data showed that the US producer price index rose 1% in March, beating forecasts of a rise by 0.5%.
The dollar index rose against a basket of major currencies 0.1% to 92.1 points as of 17:53 GMT, after hitting a high of 92.4 points and a low of 92.03 points.
Gold closes lower, but posts weekly gain
Gold prices fell on Friday, as the US dollar edged up against most of its peers, but the precious metal posted weekly gains.
The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.
The IMF also estimated the US economy to grow to 6.4% in 2021 based on the Federal Reserve's forecasts.
Data showed that the US producer price index rose 1% in March, beating forecasts of a rise by 0.5%.
The dollar index rose against a basket of major currencies 0.1% to 92.1 points as of 17:53 GMT, after hitting a high of 92.4 points and a low of 92.03 points.
Gold June futures fell 0.8% or $13.4, and closed at $1744.8 an ounce, with a weekly gain of 1%.