Crude Oil Futures Jump on Positive Global Economic Outlook

Crude oil Futures gained on Monday as investors were optimistic on the positive outlook for global economy. Moreover weaker greenback also supported the boost in the oil prices. Investors were upbeat on the latest comments by the head of International Monetary Fund who was positive about the global economy. However IMF’s Head Christine Lagarde was also concerned about the surging oil prices and Greece’s debt situation and considered them as a big threat to global economic recovery.

Analysts were also concerned about the fact the Saudi Arabia hasn’t been able to cover the global oil shortfall arisen due to Iran’s situation. European Union is imposing oil sanctions on Iran while United States is also exerting pressure on India not to import Iranian oil.

Moreover, New York’s Federal Reserve’s President William Dudley showed his concerns over the US economy in a public speech and said that US economy is still facing few serious downside risks. In reaction to which the US dollar index DXY which measures the US dollar’s performance versus its six major counterpart currencies fell to 79.377 on Monday as compared to 79.776 on Friday’s late trading hours.

Crude oil futures contract for April delivery surged 1 percent or $1.03 to settle at $108.09 per barrel on the New York Mercantile Exchange.

Among other energy commodities, gasoline futures contract for April delivery gained 0.3 percent or $0.01 to settle at $3.37 per gallon while heating oil for the same month delivery fell 0.6 percent or $0.02 to settle at $3.26 per gallon.

Natural gas futures for April delivery advanced 1.17 percent or $0.02 to $2.35 per million British thermal units.


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