Oil prices up as dollar sags near 3-year low; many Asian markets on holiday

Oil prices edged higher on Friday as the dollar languished near a three-year low, with Asian trade likely to be subdued as many markets are closed for the Lunar New Year holiday.

NYMEX crude for March delivery was up 11 cents, or 0.2 per cent, at $61.45 a barrel by 0101 GMT, after settling up 74 cents on Thursday.

For the week, the contract has risen nearly 4 per cent after losing nearly 10 per cent last week.

London Brent crude was up 24 cents, or 0.4 percent, at $64.57 after settling down 3 cents. Brent is up nearly 3 per cent for the week after falling more than 8 per cent last week.

Oil producers led by Saudi Arabia and Russia aim to draft an agreement on a long-term alliance by the end of this year, United Arab Emirates energy minister Suhail al-Mazroui said.

OPEC and non-OPEC producers are restraining production by a total 1.8 million barrels per day 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. India imported a record 4.93 million bpd in January to feed its expanded refining capacity and meet rising demand, data showed.