Oil set for over 14% weekly loss amid de-escalation hopes and stronger dollar

WTI crude futures slipped below $90 per barrel on Friday and were on track for a weekly decline of over 14%, as optimism over a potentially quicker resolution to the Middle East conflict following a sweeping Democratic victory in the US midterm elections weighed on prices. Brent crude fell below $98, extending a volatile week in which prices fluctuated within an almost $20 range. Despite a rebound in the previous session, Brent was heading for a 15% weekly loss, its steepest since April 2020. A stronger US dollar, trading around 101.8, added further pressure ahead of the October US jobs report, with recent ADP data showing 86,000 private-sector jobs added in October, while initial jobless claims fell to a 57-year low. On the domestic front, MCX November crude oil futures traded nearly 1.5% lower at Rs 8,445 per barrel.

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