Crude oil prices surged Tuesday morning, resuming a recent uptrend, as the dollar slipped near its lowest in two months versus the euro.
On the New York Mercantile Exchange, light, sweet crude futures for June traded at $60.31 a barrel, up 1.8%, or $1.09.
That’s despite OPEC’s willingness to engage U.S. shale producers in a price war.
Global supplies continue to rise and OPEC on Monday predicted that oil will not rise above $100 in the next decade.
For now, however, tensions in the Middle East and a weakening U.S. dollar are keeping crude oil futures afloat.
In the past few months, crude oil has moved well away from 6-year lows near $44 set earlier in 2015.
OPEC and the Energy Information Administration will publish their monthly oil market reports today.
Industry group American Petroleum Institute is out with its weekly inventories data this afternoon. Official weekly figures from the Energy Information Administration will be released tomorrow morning.
The material has been provided by InstaForex Company – www.instaforex.com