Asia: crude rose thanks to weak dollar

    •    In morning trading, a barrel of light sweet crude for July delivery took 37 cents to 74.34 dollars, while Brent of North Sea gained 44 cents to 74.46 dollars.
    •    Oil has benefited from a weaker dollar which makes purchases of raw materials denominated in dollars more attractive to investors provided with other currencies.
    •    Monday morning Asian trade, the euro stood at 1.2306 dollars against 1.2266 dollars on Friday in New York.
    •    "Oil prices have firmed slightly today (Monday) but they have not got a lot of losses on Friday," said David Moore, of the Commonwealth Bank of Australia in Sydney.
    •    Oil prices were back down Friday in New York after two sessions of sharp rebound in a market caught up with the budget crisis in the euro area, while Fitch has downgraded the debt of Spain.
    • Ennaharonline/ M. O.


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