OIL CREEPS HIGHER BEFORE US PAYROLLS


World oil prices held firm on Friday, guided by the
weaker dollar ahead of non-farm payrolls data in top global
crude consumer the United States.

In midday deals in London, Brent North Sea crude for April
delivery added 29 cents to stand at $34.75 per barrel.
US benchmark West Texas Intermediate for delivery in March
added 38 cents to $32.10 a barrel, compared with Thursday's
close.

Shailaja Nair, from energy information provider Platts in
Singapore, told AFP that crude prices have received support
from the flagging dollar.

"The dollar will always have an add-on effect on crude oil
prices... The volatility in the dollar and the volatility in crude
have been like a constant for the past two to three weeks
now," Nair said.

Oil is traded in dollars and a softening of the US currency
makes crude cheaper for holders of other units, increasing
demand for the commodity.

Nair added that the upcoming Lunar New Year holiday
weekend has also contributed to a lull in the market, but the
price rise was unlikely to last should market fundamentals
remain the same.

The oil market has witnessed another choppy week as traders
tracked hopes of a coordinated output reduction by major
world petroleum producers.

At the same time, crude prices remain under pressure from a
vast global supply glut.

"The demand is not growing... the glut will only go if the
production is cut and we have seen no indications of that,"
Nair said.

Despite speculation of a potential deal by producers to cut
output, analysts say that such a deal must involve the
market's major players.

"With the absence of large producers like Saudi Arabia and
Iran, I don't see much of a point in the other OPEC members
trimming output. Any gaps will be quickly filled by other
producers to increase market share," Bernard Aw, a market
strategist with IG Markets, said in a note.

A price rebound last week driven by talk of possible
coordination between Russia and OPEC to slash production
petered out after traders brushed aside speculation.

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