The Price of U.S. light crude rose nearly threefold to bed after the U.S. Dollar weakened against the euro yesterday for the first time in six days and went on to lose in today’s currency during the session. Weakening of the dollar against other major currencies usually reduces the interest of investors to inputs that are traded in U.S. currency. The crude oil jumped more than 1 percent on Wednesday after he fell in morning trade to their lowest level in 11 weeks. This gave rise to the data of the Ministry of Energy Mr. USA, which showed that the country’s stocks of crude oil and natural gas rose last week because of weak demand. U.S. light crude for October delivery ended the session with an increase of 86 cents, or 1.2 percent, to 72.49 dollars a barrel. The price continues to go up and during today’s e-commerce, increased by 0.3 percent to 72.75 dollars a barrel. Meanwhile Brent with delivery in October to 0.3 percent more expensive to 73.73 dollars a barrel in electronic trading hours of the London Petroleum Exchange today. Its price rose by 1.09 dollars or 1.5 percent, to 73.47 dollars per barrel at the end of yesterday’s session. The U.S. dollar fell 0.2 percent to 1.2657 dollars per euro on Wednesday and lost a further 0.5 percent today to 1.2714 dollars per euro at 9:10 am local time.
The weekly report by the Ministry of Energy of the United States on Wednesday showed that crude oil stocks in the country increased by 4.11 million barrels to 358.3 million barrels in the past week. The increase was greater than market expectations and said weak demand for energy inputs in the largest economy in the world. The government of Saudi Arabia, the fair price of energy input for both consumers and producers, is in the range between 70 and 80 dollars a barrel. Saudi Arabia’s largest oil exporter in the Organization of Petroleum Exporting Countries (OPEC).