Oil prices dipped lower on Friday, April 27, on strong dollar, but Brent was still headed for its third week of gains amid supply concerns should the United States reimpose sanctions on Iran.
Global benchmark Brent crude futures LCOc1 were down 27 cents at $74.47 a barrel at 0833 GMT. This month, Brent hit highs above $75, a level last seen in late 2014.
U.S. West Texas Intermediate (WTI) crude CLc1 fell 31 cents to $67.88 a barrel. This month, WTI has gained around 4.5 percent.
Brent has added around 6 percent this month on expectations of renewed sanctions, which would likely dampen Iranian oil exports. The gains came despite a higher dollar .DXY, which is at its strongest since Jan. 12 against a basket of currencies.
