Crude prices incline slightly today as on one the dollar weakened, which boosted the appeal of the black gold in the eyes of international traders since as we know it is a dollar-priced commodity, knowing that the dollar index, which tracks the strength of the dollar in front of a basket of major currencies, is so far trading around 89.25 recording a high of 89.56 and a low of 89.12, after that it gained significantly on last week cheerful U.S data.
Furthermore, last week U.S cheerful data concerning the deteriorated labor market in which the jobless rate of last month plummeting actually to 9.7 percent, heightening hopes concerning a faster accelerated recovery pace of the world's top oil consumer country; the United States, which could accordingly boost overall higher production levels across the country and cause the oil consumption to incline.
Moreover the Organization of the Petroleum Exporting Countries stated that the median price of its OPEC Basket; which includes 12 crudes, declined on Friday reaching $69.71 a barrel compared with $72.73 on Thursday.
As a result, optimism is detected throughout the black gold market oil seems cheaper to international traders as it is as we know a dollar-priced commodity, having crude prices accordingly opening at $72.18 a barrel recording a high of $72.39 per barrel and a low of $70.77 per barrel along with a slight $0.36 gain witnessed within the oil contract, plus the S&P GSCI rose actually by 4.90 points to 480.54. For today's range and technical points click here. |