Oil Prices Set For A Second Consecutive Weekly Drop

Crude oil prices started trade today with a gain but were set for another weekly decline as the U.S. dollar rose further and supply concerns eased. Brent crude was trading at over $83.88 per barrel at the time of writing, and West Texas Intermediate was changing hands at close to $79.60 per barrel, but both are seen booking a loss of 1.5% to 2.5% for the whole week. The dollar rose on investor caution ahead of a speech by Fed Chair Jerome Powell today, the report also noted. That speech—the annual address of the Fed’s head from the…