Crude is intact as firm Chinese demand counters soaring greenback

Crude is intact as firm Chinese demand counters soaring greenback

On Friday, crude prices were intact because the weight of a strengthening greenback was neutralized by China's relentless thirst for crude as well as the OPEC-led supply cuts, which have gradually tightened the market in 2017.

American West Texas Intermediate crude futures hit $56.70 a barrel, nearly intact from their previous settlement.

Brent crude futures soared 0.1% being worth $62.27 a barrel.

Market participants told that a strengthening greenback that has soared more than 0.9% this month versus a basket of other major currencies, put pressure on prices.

A growing US currency attracts investors switching investments between foreign exchange and commodity futures.

Preventing prices from diving further was booming crude demand from China. This year this Asian country is expected to overtake the US as the world's number one crude importer.

In November, China's crude imports tacked on to 37.04 million tons.

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