Oil futures bounce back on weaker dollar, US gasoline shortages

London (Quantum Commodity Intelligence) – Oil futures rebounded Friday reversing the previous-day's losses, helped by the weaker US dollar as the Federal Reserve said there was no immediate plan to tighten monetary policy.

Brent futures for front-month July were trading at $68.51/barrel (1730 GMT), compared to Thursday's settle of $67.05/b, a gain of 2.18%.

At the same time June WTI was trading $65.26/b, up 2.26% from Thursday's settle of $63.82/b.

The lower dollar typically supports oil prices, which is traded in USD on international markets.

Meanwhile, the Colonial pipeline shutdown continues to have repercussions with major gasoline shortages reported, despite Colonial ramping up towards full capacity.

This includes Washington DC, where over 80% of filling stations were reported to have run dry.

At least two shipments of refined products products have been granted Jones Act waivers, allowing non-US flagged vessels to enter US waters.