businessUpdated: Jul 24, 2020 14:00 ISTOil prices were flat on Friday as support from a weaker dollar was offset by tensions between the United States and China. A weaker dollar usually spurs buying of commodities priced in dollars such as oil because they become cheaper for holders of other currencies. While the rise in infections has fanned fears of renewed government lockdowns, worries that oil demand could be hit have been exacerbated by tensions between the United States and China - the world’s top two oil consumers. In China, congestion at east coast oil ports is adding to costs for shippers and importers even as fuel demand stalls. Oil prices could see a near-term correction if a recovery in fuel demand slows further, especially in the United States, Barclays Commodities Research said.

Source: Hindustan Times July 24, 2020 08:29 UTC