Oil Set for 2nd Weekly Fall on Firm Dollar as Supply Worries Ebb

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang Province, China, on Jan. 4, 2023. China Daily via Reuters

Oil was headed for a second week of declines even as it rose on Friday, as the dollar firmed before a speech by Federal Reserve Chair Jerome Powell while concerns over tight supply eased.

Brent crude rose 39 cents, or 0.5 percent, to $83.75 a barrel by 0624 GMT, while U.S. West Texas Intermediate crude was also up 39 cents, or 0.5 percent, at $79.44 a barrel.