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Crude oil rises and its highest level in a month despite dollar strength
Crude oil managed to rise during the trading day before the end of the week to its highest level in a month and in spite of the strength of the dollar against major currencies after US economic data released today.
Traded futures US crude oil prices at $ 33.25 a barrel after recording its highest level in a month at $ 34.66 a barrel comes after trading opened today at $ 33.09 a barrel and had recorded the lowest level at $ 32.77 a barrel.
The current rise in crude oil levels comes after Saudi Arabia's announcement of another meeting includes Qatar, Venezuela and Russia in March on global production rates and their negative impact on crude oil prices.
This news has given new hope in the minds of investors about the possibility of reaching an agreement guaranteeing the reduction of global production rates in order to reduce degradation of crude oil prices in global markets.
On the other hand, crude oil found support after US data released today showed improved growth rates in the United States during the last quarter of 2015 in addition to the rise in personal spending, which reflects the strength of demand from the United States and his recovery to be reflected positively on crude oil prices.
It is worth mentioning that the current rise in crude oil prices was not strongly influenced by the US dollar against major currencies after hitting its highest level in three weeks after the better-than-expected data released from the US economy.
The dollar index, which tracks the dollar's performance against a basket of major currencies today witnessed the rise to the highest levels of heavy three weeks at the level of 98.26 after it opened today's session at the level of 97.44 and currently trading index at the level of 98.13, while the lowest level has been recorded at 97.09.
