Oil futures settled higher Friday, lifted by the resurgence of equities and pressure on the US dollar against other major currencies. NYMEX March crude settled 34 cents higher at $61.68/b. Refined product futures settled higher as well Friday, with NYMEX March ULSD up 1.88 cents at $1.9104/gal and NYMEX March RBOB up 1.51 cents at $1.7509/gal. The latest reading on the US consumer price index earlier this week was above expectations. But the major US stock market averages managed to maintain an upward trajectory that began a week ago. The Dow Jones Industrial Average was trading roughly 39 points higher at the time of the NYMEX settle at 25,239. “Stronger stock prices and a weaker dollar both seem to have helped the energy rally this week as inflation fears seem to have subsided temporarily and volatility dropped back to more tolerable levels,” TAC Energy said. “Nearly all the major […]