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Oil Prices Rise as U.S. Dollar Dips

Oil prices climbed on Friday, supported by a weaker U.S. dollar.

The West Texas Intermediate (WTI) for April delivery gained 96 cents, or 1.27 percent, to settle at 76.68 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery added 1.19 dollars, or 1.46 percent, to close at 82.78 dollars a barrel on the London ICE Futures Exchange.

The above moves came as traders used oil’s recent pullback as an opportunity to increase their long positions.

In addition, the U.S. dollar lost ground against a broad basket of currencies, providing material support to oil markets.

The dollar index, which measures the greenback against six major peers, fell 0.68 percent to 104.5913 in late trading on Friday. Historically, the price of oil is inversely related to the price of the U.S. currency.

Source : Azer

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