Oil reverses losses on weak dollar, but China crude reserves sale looms | Reuters

Oil reverses losses on weak dollar, but China crude reserves sale looms | Reuters

Oil futures reversed losses on Friday on a weaker dollar although an imminent release of crude reserves from top importer China capped price gains.

Brent crude futures rose 32 cents, or 0.4%, to $84.79 a barrel at 0730 GMT. U.S. West Texas Intermediate crude gained 11 cents, or 0.1%, to $82.23 a barrel.

Crude prices turned positive as the dollar heads for its largest weekly fall in more than a year. A weaker dollar makes commodities more affordable for holders of other currencies.

However, gains were limited after Reuters reported that China plans to release oil reserves around the Lunar New Year holidays as part of a plan coordinated by the United States with other major consumers to reduce global prices. read more