NewsOil rose for a third day in a row while markets are waiting for the US economic data
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AnalysisCrude oil rose for a third day in a row, trading near its highest levels in three weeks amid the improvement in investors’ confidence after European Union leaders have decided to support Greece, along with devaluation of the USD and expectations about a decrease in the US Oil inventory.

crude oil futures June settlement opened today at $102.68 a barrel recording an intraday high so far at $103.31 and a low of $102.59 a barrel and currently trading around $103.28 with a rise of $0.58 or 0.56% a barrel.

At the end of yesterday’s trading, crude oil prices closed with a rise of $2.11 or 2.10% ending trading at $102.70 a barrel.

Mr. Jean Claude Juncker, the chairman of EU Finance Ministers in the EU, has declared that leaders of the EU are willing to provide Greece with additional bailout packages which will be identified by the end of June, which improved investors’ confidence in the markets up to a certain extent and trimmed the fears from this crisis, as investors sought risky assets.

Also that caused the Euro to rise against the USD to the highest level in four weeks, which put downside pressures on the US dollar index, to keep it falling for a seventh day in a row recording 74.45 after hitting the highest at 74.58 and the lowest at 74.38, which contributed to the increase of oil prices.

There are expectations about a fall in the crude oil inventory in USA, the largest oil consumer in the world, in the previous week according to the EIA report, which is expected to be issued tomorrow, and expectations are indicating a decrease in the oil inventory by 1.8 million barrels in the previous week. 

Also today, the ISM manufacturing index will be released for the month of May, where it is expected to slowdown to 57.1 from 60.4 in the previous reading.