Oil prices are climbing higher on a weaker U.S. dollar - and hopes of a production-cutting deal between OPEC and non-OPEC producers like Russia. Kirsty Basset reports.
Oil prices are on the mend. After reaching 12 year lows in December, prices have since climbed more than 50 per cent, and on Friday, steadied around their 2016 high. They've been supported by weakness in the U.S. dollar - but there are also reasons to be cautious. SOUNDBITE (English) FOREIGN EXCHANGE STRATEGIST, RABOBANK, JANE FOLEY SAYING: "There is some relief, certainly when we see commodities rising. But if they were to rise too far, too fast, well that would potentially have a depressive impact on global growth." U.S. oil is heading for a fifth week of gains, while Brent is on course for a fourth weekly increase, the longest rising streak in about a year for both benchmarks. Another factor driving prices is a meeting of oil-producing countries, scheduled for April 17, in Doha. SOUNDBITE (English) CMC MARKET ANALYST JASPER LAWLER SAYING: "Even if there's no particular result, I think just the fact that OPEC and non-OPEC countries are cooperating and talking is supportive for the oil market." There are hopes the emergency meeting of oil producers in April will result in the first global supply deal in 15 years. It's likely to go ahead, even if Iran doesn't take part.