(Corrects Brent price unit in second paragraph to 'per barrel')By Shariq KhanBENGALURU : Oil prices fell more than a dollar a barrel on Friday as the dollar strengthened and oil traders booked profits from a strong rally, with crude benchmarks recording their third-straight weekly gain. A stronger greenback reduces oil demand, making crude more expensive for investors holding other currencies. "While oil prices are likely slightly overbought in the very near term, touching the highest levels since early May, the bias appears to be for a grind higher," Haworth said. Oil prices gained nearly 2per cent on a weekly basis, after supply disruptions in Libya and Nigeria heightened concerns that the markets will tighten in coming months. Separately, Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal.

Source: Libya Today July 14, 2023 07:00 UTC