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Oil headed for a 4th straight weekly gain, longest streak since October

Brent crude futures ro­se $1.16, or 1.4 per cent, to a two-and-a-half month high of $85.63 a barrel at 1125 GM

(Photo: Bloomberg)
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Photo: Bloomberg

Agencies
Oil futures rose on Friday on course for a fourth wee­kly gain boosted by supply constraints and a weaker dollar and despite sources saying China is set to relea­se crude reserves around the Lunar New Year.
 
Brent crude futures ro­se $1.16, or 1.4 per cent, to a two-and-a-half month high of $85.63 a barrel at 1125 GMT. US West Texas Inter­mediate crude gained $1.06, or 1.3 per cent, to $83.18.
 
Crude prices turned positive as the dollar hea­ded towards what could be its largest weekly fall in more than a year. A weaker dollar makes commodities more affordable