Brent crude oil prices increased on Friday, supported by a weaker dollar and a power failure at and a UK oilfield.

Brent crude rose 15 cents at $57.07, while front-month US crude futures were trading at $50.87 per barrel, a drop of 4 cents compared with their last settlement, Reuters reported.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The North Sea Buzzard oilfield in the UK experienced problems on Wednesday night and was closed on Thursday.

"With the Iran deal, people are aware there is more supply coming so all impetus for a price correction higher has gone."

Located about 60 miles north-east of Aberdeen, the North Sea Buzzard oilfield supplies about 70,000-180,000 barrels of crude per day, according to BBC.

Oil prices gained as oil from the field, one of the biggest contributor to Forties crude stream, influences the calculation of the benchmark’s price.

See Also:

Due to a weaker dollar value, oil prices witnessed a rise by making dollar-priced crude affordable to other currency holders.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

ABN Amro Amsterdam senior energy economist Hans van Cleef told the news agency: "With the Iran deal, people are aware there is more supply coming so all impetus for a price correction higher has gone."

On Tuesday, Tehran and six world powers reached a landmark nuclear agreement.

The deal cleared the way for an easing of international sanctions on Iran which started shipping stored oil to Asia.

Data from industry intelligence firm Genscape in the US highlighted higher crude inventories at the Cushing hub, Oklahoma.