Crude-oil futures climbed Friday to close near $114 a barrel, buoyed by weakness in the US dollar
As per reports and information from our sources,Crude-oil futures climbed Friday to close near $114 a barrel, buoyed by weakness in the US dollar as traders kept watch on developments in the Middle East and North Africa for potential supply disruptions.There are a number of factors pushing the price of crude oil higher: a weaker dollar, accommodative policy and the beginning of an expansionary growth cycle.These factors are likely to remain in play for some time and pose continued asymmetric upside risk to crude-oil prices.The June contract finished at its highest settlement price since September 2008.Oil is up on a weaker dollar and the fact that since the UK markets are closed for the Royal Wedding, we are missing that segment of tradersn.No one wants to sell oil in front of a weekend in case there is a flare-up in the Middle East.The key concern for the coming weeks is whether the upsurge in violence and unrest in the northern part of the country associated with Goodluck Jonathan's victory in the presidential elections last week will dissipate and oil production will remain unaffected.
Crude oil price held steady near a 2 1/2-year high in New York Monday, falling under $112 per barrel with tensions in the Middle East unabated.