Crude oil changed a little today; below $69 a barrel ahead of the release of important
On the other hand, the U.S. dollar is now traded at its lowest in a year against the euro, as the optimistic outlook is enhancing demand on higher-yielding assets and riskier assets. The dollar index, which tracks the dollar's movements versus a basket of major currencies, is continuing its downside fall. The index fell more than 5.3% this year and it is now at 76.65, slightly changed from yesterday's closing. The tumbling dollar may increase demand on oil as a hedge against inflation.
Moreover, the American Petroleum Institute (API); will release its weekly report later on today, ahead of the release of the EIA report tomorrow. Meanwhile, there are expectations that
Now, oil is traded at $68.72 recording a high of $69.10 and a low of $68.57; whereas the contract yesterday shed $0.43 closing at $68.86, while recording a high of $69.51 per barrel and a low of $68.02 per barrel.