Oil prices rise as U.S. dollar dips

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

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.

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