23 Mar 2015
Oil jumps on a weaker US dollar
FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic recovered losses to trade higher, tracking the weakness in the US dollar ahead of the housing data and Fed Vice Chairman Stanley Fischer’s speech.
Brent Crude for May delivery currently trades 1% higher at USD 55.88/barrel, while WTI Crude trades 0.45% higher at USD 46.77/barrel. Crude prices recovered from the lows as the USD index fell 0.63% to 97.44 levels.
Moreover, oil traders ignored the record high Saudi production data and pushed prices higher amid a falling US dollar. Earlier today, Saudi Arabia indicated it was now pumping near a record high of 10 million barrels per day, adding to concerns of global oversupply. Over the weekend, Saudi also said that it would consider reducing production only if the major non-OPEC producers announce a cut in their output.
Crude prices had taken a hit during the Asian and early European session. However, a weak US dollar has pushed the prices higher.
Brent Crude for May delivery currently trades 1% higher at USD 55.88/barrel, while WTI Crude trades 0.45% higher at USD 46.77/barrel. Crude prices recovered from the lows as the USD index fell 0.63% to 97.44 levels.
Moreover, oil traders ignored the record high Saudi production data and pushed prices higher amid a falling US dollar. Earlier today, Saudi Arabia indicated it was now pumping near a record high of 10 million barrels per day, adding to concerns of global oversupply. Over the weekend, Saudi also said that it would consider reducing production only if the major non-OPEC producers announce a cut in their output.
Crude prices had taken a hit during the Asian and early European session. However, a weak US dollar has pushed the prices higher.