Oil prices rise after sharp sell-offs

Oil prices rose on Friday as traders bought the dip following sharp drops this week. With no major economic data due out on Friday, oil prices went up supported by a weaker U.S. dollar and a rebound in global equity markets. The euro rose against the dollar, a weak greenback makes the dollar-priced oil cheaper, and more attractive to investors. Weak economic data and growth forecast weighed on the oil prices early this week. China's gross domestic product (GDP) growth slowed unexpectedly to 7.7 percent in the first quarter, down from 7.9 percent during the fourth quarter of 2012. International Monetary Fund (IMF) lowered on Tuesday its global economic growth rate forecast to 3.3 percent in 2013, 0.2 percentage point lower than its earlier estimate in January. Oil prices were also underpinned by expectations that the Organization of Petroleum Exporting Countries (OPEC) might lower output to avoid further decline of oil prices. Some OPEC members have said that 100 dollars per barrel is a "reasonable" price for consumer and producer. The OPEC would cut crude shipments this month as economic weakness constrains demand and refiners finish maintenance, research company Halifax said in a report. Light, sweet crude for May delivery gained 28 cents, or 0.32 percent, to settle at 88.01 dollars a barrel on the New York Mercantile Exchange. Brent for June delivery was up 52 cents, or 0.52 percent, to close at 99.65 dollars a barrel.