Crude prices soar globally

Oil prices Friday rose amidst a US dollar decline ahead of an expected fall towards weekly losses due to expectations that the sharp rise in US interest rates would not ease and expectations of weak demand from China, the largest importer of crude.

Brent crude futures rose 67 cents, or 0.8 per cent, reaching US$90.45 a barrel, but it was not far from the four-week low it hit the previous session at $89.53 a barrel, according to CNBC.

A slight decline in the dollar supported oil prices because the decline in the US currency makes oil less expensive for holders of other currencies.

Source: Jordan News Agency

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