Oil approached $73 a barrel by mid-day trading in London today as a weaker US dollar had investors turning to crude. The price for March delivery rose 85 cents to $72.74 a barrel by 1:30 pm.
“After a very sharp sell off at the end of last week, it’s making a tentative recovery. The dollar is helping and it’s cold in the United States,” said oil trader Christopher Bellew at Bache Financial. He added that signs the volume of oil stored at sea was falling lent additional support.
Source: Reuters
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