By Ron Bousso
LONDON, Jul 31 (.) – Crude oil prices rose on Friday and were on track to end the month higher, benefiting from the weakness of a dollar that continued to be plagued by doubts about the recovery of the US economy as cases of coronavirus in the country.
* At 1153 GMT, Brent international benchmark crude was up 36 cents, or 0.84%, at $ 43.30 a barrel. On the eve it lost 1.9%, after hitting its lowest level since July 10.
* For its part, West Texas Intermediate crude in the United States (WTI) improved 27 cents, or 0.68%, to $ 40.19 per barrel, after falling 3.3% on Thursday, to lows not seen either since July 10.
* Brent is headed for its fourth month of advancement, while WTI is heading for its third month of earnings, as both benchmarks are escaping from the depths touched in April, when most of the world was confined.
* The dollar extended its decline on Friday and headed for its biggest monthly slump in a decade after it was learned the day before that the United States’ Gross Domestic Product contracted at an annualized rate of 32.9%, the fastest decline since registrations began in 1947.
* Investors typically resort to dollar-denominated commodities as safe-haven assets when the currency weakens and vice versa.
* “Global stimulus and dollar weakness will continue to support oil prices, as oil is historically viewed as a hedge against inflation,” said Keshav Lohiya, chief executive of consulting firm Oilytics.
* Globally, the economic outlook worsened again as rising coronavirus infections raised the risk of further confinements and threatened any rebound, according to a . poll of more than 500 economists.
(Additional report by Aaron Sheldrick; edited in Spanish by Carlos Serrano)