Despite concerns over rising supply and affected demand, crude oil prices recorded an increase early in the Asian market session on Friday supported by a sharp fall in the value of the US dollar heading into the weekend.
Brent crude futures for June rose 0.1% to $ 63.27 a barrel while WTI crude for May was at $ 59.77 a barrel, up 0.3%.
The depreciation of the US dollar following the decline in US bond yields has increased confidence and attractiveness for investors back in the commodity market.
The situation is seen to support the oil market again after the expected decline in black gold this week following the results of talks by petroleum exporting countries (OPEC) with allies including Russia known as OPEC+, have agreed to increase supplies to 2 million barrels a day between May. and July later.
However, analysts expect global crude oil supply to decline in anticipation of increased demand in the second half of the year with the global economic recovery.
Gold trading also rose and has reached its latest high price level for a period of 5 weeks following the continued depreciation of the US dollar until the end of this week.
Gold has soared to a price level of $ 1,758 per ounce slightly above the high of the price level reached on March 18 last year.
If the market sees the US dollar continue to depreciate, analysts will again expect the price of gold to potentially reach back to the price level of up to $ 1,800.
