Crude leaps 1% on weaker greenback

Crude leaps 1% on weaker greenback

On Monday, crude prices leapt more than 1% on a weaker greenback, but another ascend in American drilling activity stoked concerns that a global supply glut will go on notwithstanding an OPEC-led effort to tame output.

Brent crude futures soared 1.1%, showing $46.04 per barrel.

American West Texas Intermediate crude futures edged up 1%, trading at $43.45 per barrel.

Financial experts told that crude prices extended profits because traders covered their short positions, though there was little fundamental news backing prices.

On Monday, the US dollar index demonstrated poor performance versus a basket of currencies amid dipping hopes for the Fed to raise interest rates again later in 2017. A weaker greenback also makes crude more affordable for countries utilizing other currencies.

Meanwhile, American energy companies added up to 11 crude rigs by June 23, thus bringing the total count up to about 758, the most impressive outcome since April 2014.

 

 

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