News emerged that United States and Britain were preparing a release from strategic oil reserves later this year. Oil prices rose on the last day of the week on persistent tensions over Iran’s disputed nuclear program and possible supply disruptions amid a weaker dollar. The dollar weakened after a report on US consumer prices was seen as reducing the likelihood of the Federal Reserve tightening monetary policy in the near term. It is estimated that the Fed will not be as likely to pull back on stimulus or raise interest rates, weakening the dollar.
Brent May crude rose by over two dollars to US$125 a barrel.
19-Mar-12 
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