U. S. 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. <\/p>\n
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.<\/p>\n
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 week.<\/p>\n
“Oil is getting support from a rebound in global stock markets and a weak dollar, but the upside is limited due to a projection for rising U. <\/p>\n
S. production,” said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo.<\/p>\n
“The market is quiet due to a slew of holidays in Asia.”<\/p>\n
The dollar slipped to a three-year low against a basket of currencies on Friday. A weaker dollar often boosts prices for oil and other dollar-denominated commodities. <\/p>\n
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 on Thursday.<\/p>\n
OPEC and non-OPEC producers including Russia have been restraining production by a total 1.8 million barrels per day (bpd) in a bid to prop up prices under a deal that is to expire at the end of 2018.<\/p>\n
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.<\/p>\n
Oil won support earlier in the week after Saudi Energy Minister Khalid al-Falih said OPEC hopes to keep limiting crude output to leave the market tight.<\/p>\n
However, surging U. S. production is offsetting OPEC’s efforts to curb supplies. U. S. crude output hit a record 10.27 million barrels per day last week, the Energy Information Administration (EIA) said on Wednesday, making it a bigger producer than Saudi Arabia.<\/p>\n","protected":false},"excerpt":{"rendered":"
U. S. 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 […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-149665","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/149665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=149665"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/149665\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=149665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=149665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=149665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}