SINGAPORE – Oil held near $106 a barrel on Friday, within sight of a record high, helped by a tumbling US dollar that bolstered fund buying and by Opec’s reluctance to pump extra crude.
US light crude for April delivery gained 13 cents to US$105,60 a barrel by 0124 GMT, just short of Thursday’s intraday high of US$105,97 a barrel. The gains followed a US$5 jump on Wednesday that was also fuelled by an unexpected fall in US crude inventories.Opec argued that the high oil price did not reflect oil market fundamentals, and was instead driven by speculation and a weak dollar.Nampa-ReutersThe gains followed a US$5 jump on Wednesday that was also fuelled by an unexpected fall in US crude inventories.Opec argued that the high oil price did not reflect oil market fundamentals, and was instead driven by speculation and a weak dollar.Nampa-Reuters
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