Crude up in Asian trade on dollar weakness

FE Team | Published: April 16, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

SINGAPORE, Apr 15 : Crude was up in Asian trade today as a weaker dollar spurred investor buying interest, analysts said. New York's main contract, light sweet crude for delivery in May, rose 38 cents to $108.49 a barrel. Brent North Sea crude for May delivery gained 42 cents to $122.42. "US crude oil rallied as a weaker dollar offset worries that surging prices would erode demand," analysts from Singapore-based Phillip Futures said in a commentary. A weak US currency makes dollar-priced commodities including crude futures cheaper for other currency holders. The euro was trading at $1.449 in morning Asian trade, up from $1.4486 in late US trade Thursday. - AFP