Brent oil price hits $41.60, highest in 3months

Mar 18 2016 - 8:15am

Oil prices appear closing  the week on a high, with Brent hitting  $41.60, the highest level since December in Asia.

After surging more than 10 percent over the prior two sessions, U.S. oil futures CLC1 advanced to $40.55, the highest level since Dec. 4.

They were last trading at $40.25, on track for a 4.6-percent increase for the week, their fifth straight week of gains and longest winning streak in about a year.

Brent crude LCOC1 held close to its three-month high of $41.60 reached in the previous session and again on Friday. It’s headed for a 3-percent gain for the week.

Oil’s rally has also been aided by a weakening dollar, triggered by the Fed’s cautious approach to raising rates.

There is also the planned meeting between OPEC kingpin Saudi Arabia and non-OPEC producers led by Russia. The meeting is billed for  April 17 in the Qatar capital Doha, aiming for the first global supply deal in 15 years.

 

 

 

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