Crude prices rose today on a current weakening of the dollar, having in fact the U.S. Dollar index, which measures the green Benjamin's performance versus six major currencies, declined to currently trade at 82.50 recording a high of 82.91 and a low 82.47, which boosted the appeal of the dollar-priced black gold in the eyes of international traders.
Plus ahead of today Fed's Beige Book awaited by investors as it draws a survey on Current Economic Conditions of the world's superpower as European shares and U.S index futures and stocks gained up till now as fears regarding EU debt crisis eased after Portugal sold some of its bonds, forecasting therefore higher production levels that will lead to higher oil consumption.
Furthermore the Organization of the Petroleum Exporting Countries stated that the median price of its OPEC Basket; which includes 12 crudes, declined on Monday reaching $73.02 a barrel compared with $73.46 on Tuesday.
As a result of the current hopes spread regarding the EU recovery and weakened dollar since the crude prices opened at $74.48 a barrel recording a high of $74.76 per and a low of $73.36, plus the S&P GSCI shed by 3.66 points to 519.83. For today's range and technical points click here.