London: World oil prices slumped this week, retreating from 2016 highs, as the dollar rebounded and supply glut concerns returned to the fore despite disruptions to global production. Even though the dollar fell back once more on Friday in the wake of poorly-received US jobs data, oil prices remained subdued. A weaker US currency tends to make dollar-denominated crude cheaper for buyers holding rival currencies, spurring demand.

Benchmark contracts Brent North Sea crude and West Texas Intermediate had last week struck the highest points since early November, with Brent reaching close to $49 a barrel.–AFP