U.S. crude ends 4-day skid amid weaker dollar, but ends July down 13%

Crude futures inched up on Friday after hitting a $40 handle for the first time since April, ending the month sharply lower one day after entering a bear market due to renewed concerns of global oversupply.

On the New York Mercantile Exchange, WTI crude for September delivery traded between $40.58 and $41.66 a barrel before closing at $41.52, up 0.38 or 0.92% on the session. Despite halting a four-day losing streak, WTI crude still ended July down roughly 13% on the month. On the Intercontinental Exchange (ICE), brent crude for October delivery wavered between $42.52 and $43.60 a barrel, before settling at $43.47, up 0.24 or 0.56% on the day.

Oil futures bounced off three-month lows on Friday, as the U.S. Dollar fell sharply amid weak GDP data and a soaring Yen. It came after the Bank of Japan rattled markets by approving only modest easing measures at a highly-anticipated meeting in Tokyo. Heading into the monetary policy meeting, the BOJ was widely expected to cut interest rates and expand Quantitative Easing in an effort to boost persistently sluggish inflation. The BOJ also ignored calls from the Japanese government to use all the tools necessary to lower the Yen in order to jumpstart soft exports. As a result, the Dollar plunged more than 2.5% against the Yen to an intraday-low of 102.12, its lowest level in nearly three weeks.

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