Crude Oil recovered above $61

Crude Oil recovered above $61 

March 03 2015

The oil recovered against the U.S dollar during the Asian session hitting $60.88 per barrel.

The oil prices recovery was driven by different factors including the recover of the global stock markets during the previous sessions.

Then the oil market was supported by the release of positive data from Chinese economy which showed the increase of China crude oil imports by 0.6 % to reach 39.35 million tons, or 9.27 million barrels during the month of January.

Analysts have also claimed that the decline in the number of US rigs on the last week  has contributed to the recover of oil prices.

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