Crude prices rise on weak U.S. dollar

Crude futures rose slightly on Friday as the U.S. dollar dropped against the euro.

The greenback fell to a four-month low against the euro on Friday. The 16-nation euro rose to 1.4011 dollars in late New York trading on investors' concerns on the United States' credit rating.

On Thursday, Standard & Poor's said Britain may have its rating cut because of rising debt levels. Britain is pursuing similar policies to the United States, with both the Bank of England and the Federal Reserve injecting billions of dollars in their economies by buying assets from banks.

The Obama administration hiked its forecast for this year's federal deficit to 1.84 trillion dollars, putting upward pressure on inflation.

Crude prices were also boosted by renewed fighting between the government and rebels in oil-rich Nigeria, Africa's largest oil producer. Nigerian crude production dwindled to half the country's total capacity in April amid renewed fighting.

Light, sweet crude for July delivery rose 62 cents to settle at61.67 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude was up 85 cents to settle at 60.78 dollars a barrel on the ICE Futures exchange.

VietNamNet/Xinhuanet