Crude Oil Moves above $95 in Asian Trading Hours
Crude oil futures gained in Asian trading session on Thursday as the US dollar witnessed selling pressure. Uncertainty rose among traders over the European Union’s inability to find solution for Greece’s debt problems.
Crude oil futures contract for July delivery surged 0.7 percent or $0.69 to $95.50 per barrel on New York Mercantile Exchange’s Asian trading session. Crude oil in its earlier trading session reported the biggest decline of 5 percent in a single day since May 11th, 2011.
The declining US dollar came to support crude oil prices as the dollar index DXY which measures the greenback’s performance against its major rival currencies declined to 75.468 in Asian trading hours as compared to 75.630 in Wednesday’s North American trading session.
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