Oil prices extended gains from the previous session and are trading near their highest level this year, helped by a weak U.S. dollar, bullish demand projections and signs of slowing U.S. oil production. On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at $61.22 a barrel at 0301 GMT, up $0.47 in the Globex electronic session. June Brent crude on London’s ICE Futures exchange rose $0.31 to $67.17 a barrel. Crude-oil prices have had a strong and “uncanny” correlation with the U.S. Dollar Index in recent weeks, and the reversal in the greenback has been a key catalyst for the run-up in oil prices since April, Morgan Stanley’s Adam Longson said. With the U.S. dollar well off its highs and given a bullish outlook, any future rally in the dollar could see a modest […]