NewsOil rose for the second day in a row

Oil rose in early trading today supported by the fall in the USD against other major currencies, along with expectations about an increase in the confidence level in USA (the world’s largest oil consumer).

Crude oil futures June settlement opened today at $100.69 a barrel recording an intraday high so far at $101.82 and the lowest at $99.60 a barrel and is currently trading around $101.81 with an increase of $1.22 or 1.21% a barrel.

 At the end of yesterday’s trading prices closed with an increase of $0.36 or 0.36% ending trading at $100.59 a barrel.

The weakness of the USD contributed to the increase of oil prices, as the USDIX fell to 74.52 after hitting the lowest at 74.42 near its lowest levels in four weeks. The decline in the USD was accompanied with an increase of the Euro, which represents more than 50% of the index’s movement, as the European Union attempts to find solutions to help Greece from bankruptcy.

On the other hand, there are expectations about an increase in the consumers’ confidence in the US during May to reach 66.4 from 65.4, which boosted investors’ appetite for oil on speculations of an improvement in the levels of demand by the largest consumer of energy in the world, even if recent economic fundamentals showed a slowdown in the pace of growth.