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

[Image: 2022-01-14t030856z_2_lynxmpei0d01w_rtrop...k=LLxgxF-Y]

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

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Brent crude futures rose 32 cents, or 0.4per cent, to $84.79 a barrel at 0730 GMT. U.S. West Texas Intermediate crude gained 11 cents, or 0.1per cent, 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. [FRX/]

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.

The sources, who have knowledge of the discussion between the world's top two crude consumers, said China agreed in late 2021 to release an unspecified amount of oil depending on price levels.

"China agreed to release a relatively bigger amount if oil is above $85 a barrel, and a smaller volume if oil stays near $75 level," said one source, without elaborating.

The U.S. Energy Department said on Thursday it had sold 18 million barrels of strategic crude oil reserves to six companies, including Exxon Mobil and a unit of refiner Valero Energy Corp.

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