Oil prices trading steady after Thursday loss, eyes on dollar

Oil prices rose in trading on Friday as the US dollar weakened against the euro, with hopes of demand recovery supporting prices above $78. The ICE US Dollar Index, which measures the dollar against a basket of leading currencies was at 80.50 as of this morning. On the NYMEX, Light crude oil futures for delivery in April traded at $78.56 a barrel at 0641 GMT, while in London, April Brent crude oil futures on London’s ICE Futures Exchange rose 39 cents to $76.68 a barrel. “Crude has by and large been influenced by the US dollar this morning,” David Moore, commodities strategist at Commonwealth Bank of Australia said. Macroeconomic data, such as the Chicago purchasing managers’ index and total existing home sales due later today could influence oil prices, he said, adding that prices will remain in a fairly broad range of $70 to above $80 on support from the economic recovery. Oil prices trading down two percent on stronger US dollar The Weekly Oil Futures Wrap at Live Oil Prices Oil prices trading down two percent on latest US jobs data Oil prices trading steady on higher dollar, awaits EIA data Light oil prices trading around $74, eyes on US Dollar Oil prices slip lower on new China bank reserve rules Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe Crude oil prices trading higher, eyes on US Dollar Index Oil prices trading lower after loosing two percent Monday Oil prices trading steady, awaits US crude inventory data Brent oil price hovers under $77 on higher dollar, markets Oil prices trading steady as US dollar makes gains Brent oil price trading up on latest positive US GDP data Light oil price trading back near $80 on weaker US dollar Brent oil price trading under $76 on Greece Worries Brent oil price trading near $80 mark on weaker dollar Crude oil ends weeks trading higher, back near $80 Light oil trading up on heavy buying ahead of EIA report Brent oil price hovers around $75, US dollar makes gains

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Oil prices trading steady after Thursday loss, eyes on dollar