Oil prices mixed, Brent bounces back above $48

Oil prices were mixed on Friday, as the US dollar fell against most major currencies, amid uncertainty over global demand due to the escalating coronavirus crisis.

The US Energy Information Administration reported yesterday that crude inventories fell 0.8 million barrels to 488.7 million barrels during the past week, beating forecasts of a rise by 0.1 million barrels.

Baker Hughes reported that the number of US oil rigs rose by 10 to 241 rigs this week.

The dollar index fell against a basket of major currencies by 0.2% to 91.8 points as of 17:48 GMT, after hitting a high of 92.05 points and a low of 91.7 points.

As of 17:47 GMT, WTI crude December futures fell 0.7% to $45.4 a barrel, after hitting a high of $46.09 and a low of $44.5.

Brent January futures rose 0.5% to $48.07  a barrel, after hitting a high of $48.4 and a low of $47.3.