By Max Lin Of DOW JONES NEWSWIRES SINGAPORE (Dow Jones)--Crude futures rose as the dollar weakened in thin trade Friday in Asia, as market players waited to see whether any new global approach to currency or fiscal policies would come out of this weekend's meeting of the Group of 20 industrialized and developing nations. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $81.23 a barrel at 0633 GMT, up 67 cents in the Globex electronic session. December Brent crude on London's ICE Futures exchange rose 63 cents to $82.46 a barrel. Crude continues to follow movements of the greenback closely. Having fallen in the previous session due to a rebound in the U.S. currency, oil started to moved up again due to dollar selling against yen. Fiscal policy is the hot topic at the G-20 summit in South Korea, where financial ministers are meeting throughout the weekend. Most analysts dismissed the likelihood of any real accord, though. "Almost nothing (concrete) is expected from G-20...but the market may react to some comments" of senior government officials later, Takumi Otsuka, head of commodity derivatives customer development at Mizuho Securities. So far, the U.S. has said an undervalued yuan is hindering a global rebalancing, while China has responded that the Federal Reserve's loose monetary policy has driven massive, potentially destabilizing flows of capital into emerging nations, some of which have intervened to damp their currencies' rise. Looking ahead, great volatility is still expected before the Fed meets in early-November to decide on its next round of likely monetary easing, and traders may avoid taking many new positions before that. "Many participants appear to have moved to the sidelines as they await more definitive evidence of an up or down price trend," said Jim Ritterbusch of Ritterbusch & Associates. While the oil market should receive support from higher supplies of money from the U.S., the December contract may fall to a lower trading range of $77-$80 a barrel as inventors are expected to scale down their buying programs, he said. Nymex reformulated gasoline blendstock for November--the benchmark gasoline contract--rose 143 points to 205.53 cents a gallon, while November heating oil traded at 223.22 cents, 177 points higher. ICE gasoil for November changed hands at $702.00 a metric ton, down $2.25 from last settlement. -By Max Lin, Dow Jones Newswires; 65-6415-4063; max.lin@dowjones.com

Source