Oil prices trading steady amid a weaker US dollar

Oil prices were nearly unchanged in Asia trading on Friday with Light oil futures above $82 a barrel on a slightly weaker US dollar.

Light crude oil futures for delivery in April traded at $82.16 a barrel at 0650 GMT, up $0.05 on the NYMEX, while in London, April Brent crude oil futures on London’s ICE Futures Exchange rose $0.02 to $80.30 a barrel.

“The market would’ve taken a little bit of heart from the China oil data,” said Mark Pervan at Australia and New Zealand Banking Group. “We’re starting to see the market buying oil even in a rising-dollar market, which is pretty surprising and fairly encouraging.”

The US dollar fell slightly against the euro for the second straight day Thursday in quiet trading as traders awaited the release of key US retail data that could drive markets. “A stronger retail sales report would add to the upside momentum in the dollar,” said Kathy Lien, director of currency research at Global Forex Trading.

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