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Firmer oil market comes after week of heavy losses; US crude holds near $60

A weaker dollar helped to boost oil by making dollar-priced crude cheaper for holders of other currencies

Reuters  |  London 

Oil rose nearly 2 percent on Monday, recovering some of last week's steep losses as global equities steadied after their largest one-week slide in two years. Brent crude futures gained 82 cents to $63.61 a barrel by 1302 GMT, up nearly 2 percent, while US West Texas Intermediate futures rose by $1 to $60.20. A weaker dollar helped to boost oil by making dollar-priced crude cheaper for holders of other currencies. European shares took their lead from Friday's rise on Wall Street, while other commodities including copper and gold also strengthened. Consumption ...

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First Published: Mon, February 12 2018. 19:26 IST
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