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MTECHTIPS:-Oil futures erase losses to trade up 2% on weaker dollar

MTECHTIPS:-Oil futures erase losses to trade up 2% on weaker dollar

West Texas Intermediate and Brent oil prices erased earlier losses to trade 2% higher on Monday, as a broadly weaker U.S. dollar lured investors back to the market.On the New York Mercantile Exchange, crude oil for delivery in January fell by as much as 3.6% to touch a daily low of $63.75 a barrel, a level not seen since July 2009, before turning higher to trade at $67.31 during U.S. morning hours, up $1.18, or 1.78%. On Friday, New-York traded oil futures sank $7.54, or 10.23%, to end at $66.15 a barrel. Nymex oil futures lost $10.36, or 13.54%, last week. Prices ended November down 18.07%, the worst monthly decline since October 2008. Elsewhere, on the ICE Futures Exchange in London, Brent oil for January rallied $1.00, or 1.43%, to trade at $71.16 a barrel. Prices tumbled 3.7% earlier to hit $67.57, the weakest level since October 2009.London-traded Brent prices lost $2.43, or 3.35%, on Friday to settle at $70.15 a barrel. The January Brent contract sank $10.21, or 12.7%, last week, the biggest weekly loss since May 2011. Prices slumped 18.48% in November, the worst monthly performance in since October 2008. Oil prices turned higher after the US dollar weakened against its major counterparts, as traders booked profits from the greenback\’s recent rally.

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