London — Oil futures rose on Friday and were set for a fourth week of gains, boosted by supply constraints and a weaker dollar, though an imminent release of crude reserves from China looms.
Crude prices turned positive as the dollar headed towards what could be its largest weekly fall in more than a year. A weaker dollar makes commodities more affordable for holders of other currencies. However, gains were limited after Reuters reported that China plans to release oil reserves around the Lunar New Year holidays between January 31 and February 6 as part of a plan co-ordinated by the US with other major consumers to reduce global prices, sources said.China has also posted its first annual decline in crude oil imports in two decades, though traders expect imports to recover in 2022.
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