Oil prices at three-month high with weaker dollar

ANKARA. KAZINFORM Brent crude price reached a three-month high for week ending Feb. 22 supported by the U.S. Federal Reserve's decision to pause rate hikes this year while pushing the American dollar lower.

International benchmark Brent crude was trading at $67.40 per barrel at 1230 GMT on Friday, after opening Monday at $66.39 a barrel - a 1.5 percent weekly gain, Anadolu Agency reports.

American benchmark West Texas Intermediate (WTI) gained 1.9 percent over the week to trade at $57.41 a barrel at the same time after starting Monday at $56.33 per barrel.

Both benchmarks recorded their highest levels since Nov. 16. Brent climbed to as high as $67.69 per barrel on Friday while the price of WTI hit as high as $57.61 on Thursday, according to official data.

The Fed increased its benchmark interest rate four times in 2018, however, the central bank's decision announced on Jan. 30 to be "patient" for further rate hikes this year has since pushed the American dollar lower against other major currencies.

The U.S. dollar index, which includes the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, fell 0.51 percent on Jan. 30, according to official data.

The index was at 96.523 at 1230 GMT on Friday, down 0.25 percent over the week after it opened Monday at 96.770, the data showed.

Since oil prices are indexed to the American dollar, the lower value for the greenback is likely to trigger higher oil demand around the world.