Oil down for day on strong dollar, up for week on OPEC hope
Oil prices were down slightly on Friday, weighed by a stronger dollar and oversupply concerns, but expectations for a cut in production from OPEC had Brent and U.S. crude on track for their first weekly gains in about a month, Reuters reported.
The Organization of the Petroleum Exporting Countries (OPEC) is moving closer to finalizing its first deal since 2008 to limit output, with most members prepared to offer Iran flexibility on production volumes, ministers and sources said.
Iran has been the main stumbling block for capping production. While it has not yet responded to the proposal, the flexibility shown by others suggests OPEC members may be coming nearer to consensus as the Nov. 30 meeting approaches.
Prices on Friday were pressured by a stronger dollar, which reached its highest levels against a basket of currencies since 2003 after U.S. Federal Reserve Chair Janet Yellen said on Thursday a rate increase could happen "relatively soon."
A stronger dollar makes oil, which is priced in the greenback, more expensive to buyers using other currencies.
Brent was down 16 cents, or 0.3 percent, to $46.33 per barrel at 1:09 p.m. (1809 GMT), but it was still on track to gain 3.6 percent for the week, its first weekly increase in five weeks.
U.S. West Texas Intermediate crude was down 33 cents, or 0.7 percent, at $45.09 a barrel. It was on track to gain about 4 percent for the week, the first weekly increase in four.