Oil Slips On Profit Taking, Stronger U.S. Dollar

Oil prices dropped early on Friday as profit-taking and a strengthening U.S. dollar put a stop to this week’s rally that saw prices hitting a six-week high on Thursday. As of 10:14 a.m. EDT on Friday, WTI Crude was trading down below $64 a barrel, at $63.43, down by 2.32 percent. Brent Crude prices were down by 1.87 percent on the day at $67.26. On Thursday, oil prices had jumped to their highest levels in six weeks as a brighter outlook on the American economy and oil demand offset bearish demand prospects from the COVID crisis in India.…