Oil recovers earlier losses; trades above $70
SINGAPORE, January 26, 2018
Oil prices reversed earlier decline on Friday as the ongoing weakness in the US dollar.
Brent crude futures were at $70.28 per barrel at 0825 GMT, after dropping as low as $70.07 earlier in the day.
US West Texas Intermediate (WTI) crude futures were at $65.38 a barrel, recovering from a session-low of $64.91 a barrel.
Crude oil futures have received support from a weakening dollar, which on Friday hit fresh 2014 lows against a basket of other leading currencies, said a Reuters report.
As oil is traded in dollars, swings in the greenback can also impact oil demand as it affects the price of fuel purchases for countries using other currencies, it said.
