SEOUL – U.S. crude futures held above $47 a barrel on Friday, as a tentative deal was reached to end the largest U.S. refinery strike in 35 years, and a softer U.S. dollar made dollar-denominated crude cheaper for other currency holders.
- U.S. crude gained 1 cent at $47.06 a barrel as of 0018 GMT after it settled down $1.12, or 2.3 percent, at $47.05 a barrel on the previous session.
- Brent rose 13 cents to $57.21 a barrel after it previously closed down 46 cents, or nearly 1 percent, at $57.08.
- The United Steelworkers union and oil companies have reached a tentative deal to end the largest U.S. refinery strike in 35 years, the labor group and people familiar with the negotiations said on Thursday.
- The second-largest U.S. producing state North Dakota’s oil production should fall for the next three months as producers throttle back amidst low crude prices and prepare for a probable $5 billion tax break that could take effect in June, state officials said on Thursday.
- Major world powers have begun talks about a United Nations Security Council resolution to lift U.N. sanctions on Iran if a nuclear agreement is struck with Tehran, a step that could make it harder for the U.S. Congress to undo a deal, Western officials said.
- The U.S. dollar nursed modest losses early on Friday after nervous investors booked profits in an extended rally that has driven the greenback to successive multiyear peaks this week.
- Stocks on major markets rose on Thursday as the dollar softened the most in a month against major currencies after surprisingly weak U.S. data. The U.S. currency retraced its gains after earlier hitting a 12-year high versus the euro, pressured by a third-straight decline in monthly U.S. retail sales.
0700 Germany Wholesale price index Feb
1230 U.S. Producer prices final Feb
1400 U.S. Univ of Michigan sentiment index March
(Reporting by Meeyoung Cho; Editing by Richard Pullin)
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