Crude Oil rising on high demand from Asian markets
Apr 06 2015
Crude oil rebounded above $56 per barrel after Saudi Arabia raised the prices of crude oil sales to Asia for the second consecutive month, which increased demand for oil. On the other hand, last Friday weaker-than expected US Nonfarm payrolls data release has decreased demand for the U.S Dollar, pushing oil prices higher as consequences. The temporary oil support may fade very soon as monetary policy divergence between major central banks will favor the Greenback. The Federal Reserve is expected to raise interest rates in U.S. anytime this year while its counterpart European and Japanese central banks are already engaged in easing policy.