Dollar weakens, oil spikes past US$77

Crude oil for March delivery rose by over two dollars past US$77 a barrel as the dollar weakened against the euro, pound and yen. The euro improved on restored confidence as Europe urged Greece to take measures to tackle its debt crisis and finance ministers met in Brussels to discuss the problem. Markets were closed Monday. On Friday, oil prices fell to US$74.1 on concerns of global recovery and a rise in crude inventories. Amid the weak dollar and renewed appetite for risk, oil prices are being supported by concerns about Iran. H2 March open-spec naphtha nudged higher to past US$692/ton CFR (cost and freight) Japan. Crack spread vs Brent crude continued to weaken, and dipped to three-month lows of US$122/ton.
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