Crude oil futures registered a modest gain on Friday as the weaker dollar and hopes of economic recovery enticed buyers in.

The greenback was pressured by the latest data showing a sharp drop in consumer confidence. The University of Michigan´s consumer confidence index for the month of March fell to 71.8 points, its lowest level since December 2011 from 77.6 in the previous month. Analysts had pencilled in a reading of 78.0.

A separate report on US industrial production came in stronger than expected. It grew by 0.7% month-on-month in February, well ahead of the 0.3% increase predicted.

Crude prices rose to an intra-day high of $93.84 a barrel as investors mulled the fresh data and as the dollar index, which measure the US currency against a basket of six others, fell to 82.235 from 82.605 on Thursday.

A weaker dollar makes dollar priced commodities cheaper for holders of other currencies.

Crude oil for April delivery settled up 42 cents at $93.45 a barrel on the New York Mercantile Exchange, a three-week closing high. It closed with a weekly gain of 1.6%.

Over on the ICE futures exchange in London Brent for May delivery advanced 86 cents at $109.82 a barrel.

Among precious metals gold mustered a small advanced, helped by the weaker dollar, and registered a weekly increase of 1%.

Gold for April delivery climbed $1.90 to settle at $1,592.60 an ounce on the Comex division of the New York Mercantile Exchange.



CJ

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