Crude oil edges up on weak dollar; investors weigh rising supplies

SINGAPORE: Oil prices edged up in early Asian trade on Friday, supported by a weaker dollar, as investors weighed rising supplies and the impact on fuel demand from the COVID-19 pandemic.

Brent crude futures for June climbed 7 cents, or 0.1%, to $63.27 a barrel by 0106 GMT while U.S. West Texas Intermediate (WTI) crude for May was at $59.77 a barrel, up 17 cents, or 0.3%.

“A weaker USD and falling US bond yields helped support investors’ appetite in commodity markets,” ANZ analysts said in a note.