Oil prices have hovered somewhere between $70 and $80 for several months as investors weigh current weak consumption against the anticipated rise in crude oil use in the coming months.
Benchmark crude scheduled for delivery in April delivery tacked on $1.63 to hit $79.80 a barrel on the New York Mercantile Exchange. In London, crude made similar gains on the ICE futures exchange, adding $1.59 to its price to trade $77.88 on Friday.
Dollar-based commodities, which include crude are discounted when the dollar declines. As a result crude prices were bolstered during trading Friday.
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