Investing.com - Oil prices rose on Friday tracking the euro's modest gains against the dollar amid a quiet session that brought in bargain hunters who viewed the commodity as oversold.
On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded up 0.40% at USD88.35 a barrel on Friday, off from a session high of USD89.05 and up from an earlier session low of USD87.97
Oil prices plunged earlier this week after Chinese growth and industrial output data missed expectations.
A decision by the International Monetary Fund to trim its global growth forecast for this year also pushed oil down.
By Friday, the euro rose against the dollar after a key European Central Bank member toned down dovish comments.
ECB Governing Council member Jens Weidmann told the Wall Street Journal earlier this week that monetary authorities could cut interest rates if economic and inflation data indicated that policy loosening may be warranted, though he added that monetary policy is already quite expansionary.
By Friday, however, Weidmann reiterated that rate cuts were possible but only if data worsened, which gave investors breathing room to take up positions in the single currency, which weakened the greenback and made oil a nicely priced asset in dollar-denominated exchanges.
Oil also rose amid sentiments that prices fell too far during recent selloffs, which brought in the bottom fishers.
Elsewhere on the ICE Futures Exchange, Brent oil futures for June delivery were up 0.39% at USD99.52 a barrel, up USD11.17 from its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded up 0.40% at USD88.35 a barrel on Friday, off from a session high of USD89.05 and up from an earlier session low of USD87.97
Oil prices plunged earlier this week after Chinese growth and industrial output data missed expectations.
A decision by the International Monetary Fund to trim its global growth forecast for this year also pushed oil down.
By Friday, the euro rose against the dollar after a key European Central Bank member toned down dovish comments.
ECB Governing Council member Jens Weidmann told the Wall Street Journal earlier this week that monetary authorities could cut interest rates if economic and inflation data indicated that policy loosening may be warranted, though he added that monetary policy is already quite expansionary.
By Friday, however, Weidmann reiterated that rate cuts were possible but only if data worsened, which gave investors breathing room to take up positions in the single currency, which weakened the greenback and made oil a nicely priced asset in dollar-denominated exchanges.
Oil also rose amid sentiments that prices fell too far during recent selloffs, which brought in the bottom fishers.
Elsewhere on the ICE Futures Exchange, Brent oil futures for June delivery were up 0.39% at USD99.52 a barrel, up USD11.17 from its U.S. counterpart.