Oil Loses Early Rebound by Midday in Asia
By Kevin Kingsbury
--Oil prices shed initial gains by midday trading Friday in Asia as crude lost the tailwind it got from a late-day drop Thursday in the dollar.
--April light, sweet crude on the New York Mercantile Exchange was recently up 2 cents at $61.01 a barrel in the Globex trading session. May Brent rose 0.1% to $63.91.
--Oil futures climbed after Thursday's settlement, helped by a falling dollar as it declined along with U.S. equities in late-afternoon trading. U.S. oil futures rose nearly 1% at their post-settlement high.
--While the WSJ Dollar Index is down about 0.1% in Asian action, optimism regarding oil faded anew as morning trading continued. Crude logged a third-straight decline on Thursday, notching its lowest settlement levels in more than two weeks.
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(END) Dow Jones Newswires
March 01, 2018 23:05 ET (04:05 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.