NEW YORK, Oct 23 (Reuters) - Oil fell on Friday, erasing early gains as traders dismissed a rate cut by China to focus on a surging dollar and weaker spot prices for U.S. crude as a glut weighed on prompt supplies.
A rally in U.S. stocks, however, bolstered risk appetite across financial markets, limiting the downside in oil.
Brent crude oil settled down 9 cents, or 0.2 percent, at $47.99 a barrel, after falling as much as 63 cents earlier.
U.S. West Texas Intermediate (WTI) crude finished down 78 cents, or 1.7 percent, at $44.60, after hitting a three-week low at $44.20.
Both Brent and WTI lost about 5 percent on the week, sliding for a second straight week.
Earlier on Friday, oil prices rose about 1 percent on expectations the Chinese rate cut might prompt the No. 1 energy consumer to import more oil.
Gains, however, faded as the dollar index hit two-month highs, making oil, copper and a host other commodities , less affordable for holders of other currencies.
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