West Texas Intermediate (WTI) crude oil prices traded around $69.10 during early European trading hours on Friday, supported by a softer US Dollar ahead of a long holiday weekend in the United States, according to FX Street.
The weaker dollar typically makes dollar-denominated commodities like oil more affordable for holders of other currencies, providing upward support to prices. This dynamic helped WTI maintain its level despite mixed market conditions.
For Japanese investors, the interplay between the US Dollar and crude prices remains crucial, especially as Japan's energy import costs are sensitive to both currency fluctuations and global oil trends.