Because of concerns about tight supply with Europe's imminent cut off imports from Russia, oil prices fell early Exchange rates on Friday due to a stronger dollar, but they were on track for a weekly gain.

After rising 1.3% in the previous session, Brent crude oil futures fell 42 cents, or 0.4%, to $96.54 per barrel at 0043 GMT. West Texas Intermediate (WTI) crude oil futures were down 56 cents, or 0.6%, to $88.52 per barrel. In addition, the two benchmark oil contracts were on track for a weekly increase. Brent is heading for a gain of over 3% and WTI over 4%.

As the Dollar Index climbed to 110.57, making oil more expensive for buyers holding other currencies, Friday's declines occurred. On Thursday, October 27, the strong rebound in U.S. gross domestic product in the third quarter was announced, highlighting the resilience of the world's largest economy and largest oil consumer. According to analysts' statements. For the head of commodity research at National Australia Bank, Baden Moore, “From an oil market perspective, despite high interest rates; it's a direct driver in your demand outlook.”