Oil prices reversed earlier falls on Friday as ongoing weakness in the U.S. dollar was seen supporting fuel consumption. Brent crude futures were at $70.40 per barrel at 0756 GMT, down 3 cents from their last close, after dropping as low as $70.07 earlier in the day. U.S. West Texas Intermediate (WTI) crude futures were at $65.52 a barrel, up 1 cent from their previous close, recovering from a session-low of $64.91 a barrel. Crude oil futures have received support from a weakening dollar, which on Friday hit fresh 2014 lows against a basket of other leading currencies. As oil is traded in dollars, swings in the greenback can also impact oil demand as it affects the price of fuel purchases for countries using other currencies. “The weakening of the U.S. dollar against a basket of global currencies … has positioned 2018 to lead off with […]