Oil bounces on dollar's weakness

• Crude oil prices managed to recover some ground as the greenback eases.
• US drillers added rigs for a sixth consecutive week according to Baker Hughes.

Crude oil prices bounced sharply in the US session, with WTI up to $61.40 a barrel, and Brent trading at $64.50 a barrel, trimming their daily losses but still down for the week. Oil turned higher on broad dollar's weakness, hit late Thursday by comments from US President Trump, who announced he would impose tariffs on steel an aluminum  spurring fears of a trade war.

The commodity is up, despite the Baker Hughes report, showed that US drillers added rigs for a sixth consecutive week, up by one to 800 vs. 609 active rigs a year ago. Adding to crude's positive turn is a bounce in Wall Street that trades off its daily lows, although with the Dow still roughly 140 points into the red.

West Texas Intermediate is set to close the week in the red after advancing in the previous two, having bounced for a second consecutive day from a bullish 100 DMA, but so far unable to surpass the 20 SMA. The longer-term one offers support around 60.20 with a break below it exposing the lows from early February around the 58.00 price zone. Thursday's high at 61.81 is the immediate resistance, followed by the 62.70 price zone. Gains beyond this last should support the case of a bullish continuation toward the 65.00 level.