US crude oil futures rose above $107 a barrel on Friday, finding support from the weaker dollar, but registered a weekly loss.
Crude for April delivery settled up $1.95 at $107.06 a barrel on the New York Mercantile Exchange. Futures logged a weekly loss of 0.3% following Friday’s advance.
On the ICE futures exchange May Brent crude rose $3.22 at $125.82 a barrel.
The dollar index, which measures the US unit against a basket of six other currencies, dropped to 79.77 from 80.158 late Thursday after US inflation data showed the consumer price index rose a weaker than expected 0.4% in February. Most economists had predicted a 0.5% increase.
Investors also mulled reports that the US had reached an agreement with the UK to release oil from the Strategic Petroleum Reserve in a bid to ease rising crude and gasoline prices. The reports were later denied but markets are expected to remain on the watch for any government action on increasing supplies.
Among precious metals lost its allure on Friday after predominantly robust economic data eroded demand for safe haven assets.
Gold for April delivery retreated $3.70 to settle at $1,655.80 an ounce on the Comex division of the New York Mercantile Exchange. Bullion fell to an intra-day low of $1,639.70.
Silver also fell with the May contract settling 12 cents lower at $32.60 an ounce. Over the week prices notched up a 4.7% loss.