You are here: Home » International » News » Markets
Business Standard

US oil at one-week high with dollar hits 3-year low; Asian markets shut

A weaker dollar often boosts prices for oil and other dollar-denominated commodities

Reuters  |  Tokyo 

crude oil

US crude extended gains in subdued trade on Friday as the dollar slipped to a three-year low, with many closed for the

NYMEX crude for March delivery was up 17 cents, or 0.3 percent, at $61.51 a barrel by 0750 GMT, after earlier touching a one-week high of $61.82. For the week, the contract has risen about 4 percent after losing nearly 10 percent last week.

was up 25 cents, or 0.4 percent, at $64.58 after settling down 3 cents. Brent is up nearly 3 percent for the week after falling more than 8 percent last week.

"is getting support from a rebound in global stock and a weak dollar, but the upside is limited due to a projection for rising U.S. production," said Tomomichi Akuta, at and Consulting in

"The market is quiet due to a slew of holidays in "

The dollar slipped to a three-year low against a basket of currencies on Friday. A weaker dollar often boosts prices for and other dollar-denominated commodities.

producers led by and aim to draft an agreement on a long-term alliance by the end of this year, minister said on Thursday.

OPEC and non-OPEC producers including have been restraining production by a total 1.8 million barrels per day (bpd) in a bid to prop up prices under a deal that is to expire at the end of 2018.

The move comes at a time when Asian demand is on the rise. imported a record 4.93 million bpd in January to feed its expanded refining capacity and meet rising demand, data showed.

won support earlier in the week after Saudi Minister said OPEC hopes to keep limiting crude output to leave the market tight.

However, surging U.S. production is offsetting OPEC's efforts to curb supplies. U.S. crude output hit a record 10.27 million barrels per day last week, the Information Administration (EIA) said on Wednesday, making it a bigger than

First Published: Fri, February 16 2018. 16:21 IST