Oil Set for Weekly Gain as Dollar Weakens, Markets Stabilize
Futures in New York were little changed Friday and poised for a 3.7 percent weekly gain after the greenback slumped to a three-year low. A rebound in stocks from the U.S. to Asia is also boosting confidence the markets are stabilizing. West Texas Intermediate for March delivery added 7 cents to $61.41 on the New York Mercantile Exchange at 6:13 a.m. local time. Total volume traded was about 31 percent above the 100-day average. Brent for April settlement climbed 19 cents to trade at $64.52 on the London-based ICE Futures Europe exchange. The global benchmark traded at a $3.22 premium to WTI for the same month.