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Oil rises on weak dollar
Last Updated(Beijing Time):2012-03-20 03:24

U.S. crude oil price rose on Monday as the dollar weakened against other major currencies, while the Brent crude edged down on rising production in Libya and Saudi Arabia.

The dollar slipped about 0.5 percent against the euro on Monday out of technical requests. The dollar index, which tracks the greenback's performance against a basket of six currencies, fell 0. 5 percent. A weakening dollar made the crude cheaper and more attractive.

Besides, U.S. economy has showed more and more positive signs recently, boosting demand expectations of crude and lifting market sentiment.

But more production in Libya and Saudi Arab pushed down the more international crude benchmark of Brent. A Libyan National Oil Corp official said that Libya planned to export about 1.4 million barrels per day of crude oil in April, marking a return of Libyan oil supplies.

According a separate Saudi government report, Saudi Arabia's oil exports rose 143,000 barrels per day in January month-on-month, while the total production rose 61,000 barrels to 9.871 million barrels per day in January.

Light, sweet crude for April delivery gained 1.03 dollars, or 0. 96 percent to settle at 108.09 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for May delivery edged down 10 cents to close at 125.71 dollars a barrel.

Source:Xinhua 
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