VENTURE CAPITAL POST

Brent crude futures held above $60 a barrel on Friday as strong U.S. economic data supported the market, but oil prices were track for their fifth straight weekly decline as a building supply glut capped gains.

The average price of a gallon of gasoline in the United States fell 25 cents in the past two weeks, tumbling to its lowest level in more than five-and-a-half years, according to the Lundberg survey released Sunday.

Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, on persistent concerns over a global supply glut and a sluggish demand outlook.

The dollar rose on Friday after upbeat U.S. data suggested weaker oil prices are providing additional momentum for the American economy, which also underpinned Asian shares.

Brent rose to $71 a barrel on Wednesday, recovering some of its losses from the previous session as a turbulent market searched for a price floor after a nearly 40 percent fall since June.

The dollar marked a fresh seven-year high against the yen on Wednesday, which helped lift the Nikkei to a similar record, while oil prices recovered after data showed a drop in U.S. supply.

Crude oil markets jumped as much as 5 percent on Monday, rebounding from five-year lows with their biggest daily gain since 2012, on fears that the high U.S. shale output blamed for the global oil glut may be shrinking.