Oil prices jumped on Friday, snapping a 4-weeks losing streak, as the dollar fell on interest-rate uncertainty, lifting demand for dollar-denominated commodities from holders of other currencies.
U.S. crude settled up $1.76, or 4 percent, at $45.72 a barrel, marking its biggest daily gain since Feb. 12. Brent’s front-month May contract was up 1.6 percent at $55.20 a barrel, after a session low of $53.55. The contract is set for a 1 percent gain on the week after two weeks of declines.
U.S. crude’s expiring front-month, April, rose $2.15 to $46.11 a barrel. The spread between April and nearby May, which will become the front-month for U.S. crude from Monday, was at just over $1 a barrel, indicating further gains for April before Friday’s settlement.
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