Highest Rise in Oil in The Last Two Years

Highest rise in oil in the last two years, supported by the weakening of the US dollar. Oil prices headed for the longest run in two years as the depreciating dollar made commodity prices attractive. Oil headed for the longest earnings streak in the past two years, with private sector data showing a decline in U.S. crude oil stocks. Futures contracts rose in value in the New York market for the seventh consecutive session, hitting the $ 54 a barrel level. According to data released by the private sector-backed American Petroleum Institute (API), crude oil inventories fell to 5.82 million barrels last week. If official data approves private sector data, this will be recorded as the fifth consecutive weekly drop. With the falling dollar, the attractive price of dollar-denominated commodities became one of the factors supporting oil. Oanda Senior Market Analyst Jeffrey Halley said the following on the issue: “This oil rally is really rising on its own. The main factor supporting this rally is the API data which points to a decline in stocks. Towards the end of the week, oil prices may rise towards $ 55 per barrel.” In its February futures West Texas Oil is traded at $ 53.83 per barrel at 12:15 Singapore time after gaining 12 percent in the Nymex market in 6 days. In its March futures Brent oil saw a further 1.3% gain at $ 57.32 a barrel after gaining 1.7% on the London ICE Futures Europe market on Tuesday. The Bloomberg Dollar Spot Index follows a horizontal course after losing 0.6 percent on Tuesday.