Oil Advances on Weak US Dollar

Reuters reported that crude oil futures settled at 42 cents higher Friday due to weaker US dollar and strong industrial output data in the United States.

As quoted in the market news:

The weaker dollar buffered oil prices from declining on the back of the U.S. stock market being knocked off its highs.

The dollar fell as investors opted to book profits after U.S. inflation data kept the door open for the Federal Reserve to continue its bond-buying program for the foreseeable future.

Click here to read the full Reuters report.