Oil prices advance

16th December 2011, Comments 0 comments

Crude oil prices advanced slightly on Friday, helped by firmer equities, trader said.

New York's main contract, light sweet crude for delivery in January, gained 14 cents to $94.01 a barrel.

Brent North Sea crude for February delivery rose 35 cents to $103.95 on its first trading day.

Crude prices reversed direction from morning slumps due to "a little bit of weakness in the US dollar," said Jonathan Barratt, managing director of Commodity Broking Services.

"We've seen equities up as well so it's across the board kind of thing," he told AFP.

A weaker greenback makes US-dollar priced crude more attractive to traders using other currencies.


© 2011 AFP

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