Oil erases weekly loss on dollar weakness, broader market rally

Oil ekes out third weekly gain alongside broader market rise
Jake Lloyd-Smith, Bloomberg News
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Oil in New York surged the most in a month on Friday as prices garnered support from a recovery in equities and a softer dollar.
West Texas Intermediate climbed back above US$65 a barrel, eking out a third straight weekly gain as a weakening dollar boosted appeal for commodities priced in the currency. Concerns persist over the spread of COVID-19 in Asia, which has tempered further gains.
Progress on reopening economies in countries including the U.S. supports expectations for heavy summer travel, buttressing the market’s underlying structure from recent weakness. The premium of Brent’s nearest contract against the next month strengthened on Friday to its widest in over a week. Growth in that structure, which is called backwardation, suggests the market is expecting tighter supplies.

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