Oil rises on weak dollar and Gulf tensions as producers get ready to meet
London — Oil prices edged higher on a weaker dollar and diplomatic tensions in the Gulf, but Brent held below the $50 per barrel level that was breached for the first time in six weeks on Thursday. Investors were also taking positions ahead of a meeting between Opec and nonOpec members in Russia on Monday, at which they will discuss compliance with agreed production cuts and progress towards rebalancing an oversupplied market. Benchmark Brent crude futures were up 24 US cents at $49.54 a barrel at 8.22am GMT on Friday, while US West Texas Intermediate (WTI) crude futures traded at $47.09 a barrel, up 17c. "The weak dollar, the rising tension between Kuwait and Iran and the upcoming meeting in St Petersburg should all contribute to some kind of short-covering today," Tamas Varga, senior analyst at London brokerage PVM Oil Associates, said. The dollar index fell to the lowest in more than a year on Friday, incentivising the purchase of dollar-denominated commodities such as crude oil....
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