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As OPEC+’s next step is uncertain, oil is rising despite a weaker currency.

Oil prices increased on Friday due to a weaker US currency, which made dollar-indexed crude oil more affordable for investors. However, conflicting statements from top OPEC+ ministers also increased market uncertainty ahead of the upcoming summit of the organization.

At 09:56 a.m. local time (06:56 GMT), the price of international benchmark Brent crude was USD76.40 per barrel, up 0.18 percent over the previous trading session’s closing price of USD76.26 per barrel.

West Texas Intermediate (WTI), the American benchmark, was trading at the same time at USD72.08 a barrel, up 0.35 percent from the session’s closing of USD71.83.

The rise in dollar-indexed oil prices on the final day of the week was mostly caused by the dollar’s dropping value.

The American dollar’s value against a basket of currencies, including the British pound, Canadian dollar, Swedish krona, and Swiss franc, is measured by the US dollar index, which fell 0.16 percent to 104.01 in the early hours of Friday.

Risks still exist, though, as the credit rating agency Fitch on Wednesday put the US’s triple-A rating on alert for a potential downgrade as negotiations on the nation’s debt ceiling continue.

Fitch expressed confidence in a prospective agreement but pointed out that there was now a greater chance that the government would break some of its promises.

Kevin McCarthy, the speaker of the House, claimed that disagreements over future spending plans were still preventing progress in negotiations with the White House to raise the US debt ceiling.

The American Petroleum Institute had predicted a loss of 6.7 million barrels in the nation’s commercial crude oil stockpiles, but actual results showed a significant decline of over 12.5 million barrels to 455.2 million barrels.

The OPEC+ group conference is presently being followed closely by the markets, and investor worry has grown as a result of contradictory remarks made by two of the group’s major producers, Saudi Arabia and Russia.

OPEC+ countries are expected to vote to cut output once more starting next week, according to investors, after Saudi Energy Minister Abdulaziz bin Salman urged oil markets to “watch out.” Alexander Novak, deputy prime minister of Russia, said on Thursday that the group’s current production strategy will continue when he said that energy prices were getting close to “economically justified” levels.

By the end of the year, according to Novak, Brent crude oil prices may just barely surpass USD80 per barrel due to rising demand in the summer and OPEC+ output cuts.

However, he emphasized that maintaining a balance is what was needed to protect both producers’ and consumers’ interests, not raising prices.

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