NEW YORK (March 4): Oil prices surged on Friday, as a weaker dollar encouraged buying but investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output. Oil added to gains late in the session as the dollar weakened modestly after a speech by U.S. Federal Reserve Chair Janet Yellen. Dollar strength tends to pressure oil prices, as global trade in petroleum is conducted in dollars. Oil's gains were capped by lingering concerns over compliance, by producers outside the Organization of the Petroleum Exporting Countries, with a global deal to rein in oversupply. Official U.S. data also showed crude inventories in the world's biggest oil consumer rose for an eighth straight week to a record 520.2 million barrels.

Source: The Edge Markets March 03, 2017 20:37 UTC