U.S. oil hits one-week high as dollar sags; many Asian markets shut

TOKYO (Reuters) – 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 CLc1 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 LCOc1 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. “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.S. production,” said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. “The market is quiet due to a slew of holidays in Asia.” 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. [USD/] Asian shares rose for a fifth straight day on… continue reading

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