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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 

US crude extended gains in subdued trade on Friday as the dollar slipped to a three-year low, with many Asian markets closed for the Lunar New Year holiday. 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. London Brent crude 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 ...

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