SINGAPORE : Oil prices advanced in early Asian tarde Monday as dollar extended slide amid speculation that OPEC would cut output again.
Light sweet crude for April delivery rose1.21 to $46.73 a barrel in Asian trade, adding to Friday's gains of $1.91.
London Brent crude rose 58 cents $45.43 a barrel. It was the first time since December 11, 2008 that Nymex crude has gained a premium over Brent at the settlement.
The dollar slid lower versus the euro on Monday, adding to the last session's decline, as investors locked in gains and pared back safe-haven trades on the greenback.
Further encouraging oil's gains were comments from OPEC's secretary general, who said on Friday that low oil prices could provide economic stimulus in the short term, but at the cost of a supply shortfall in future due to low investment.
The group has already agreed to cut production by 4.2 million barrels per day since September, and a Reuters survey found that members have met 81% of their output reductions as of last month.
Crude oil speculators on the New York Mercantile Exchange shifted to a net short position in the week to March 3, according to data from the US Commodity Futures Trading Commission released on Friday.
