In fact, the dollar weakened strongly against the majors and mainly the euro, falling from a recent 8-1/2 month high against the Union currency as it is now highly speculated that Greece will be assisted to control its surging budget deficit, which corroded accordingly the appeal of the dollar and boosted on the other side the appeal of the black gold in the eyes of international traders since it seems cheaper, knowing of course that it is a dollar-priced commodity.
Moreover the current strong snowy conditions witnessed within the northeast coast of the top oil consumer country is most probably forecasted to boost the demand for heating oil by 11.5 percent above normal this week.
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 $68.86 a barrel compared with $69.71 on Friday.
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 $71.68 a barrel recording a high of $73.28 per barrel and a low of $71.32 per barrel along with a slight $0.97 gain witnessed within the oil contract, plus the S&P GSCI rose actually by 6.23 points to 486.93. For today's range and technical points click here.