Oil price was closed higher on Tuesday as supply disruption in Nigeria remains and signs of increasing global demand. Weaker USD because of Yellen’s dovish statement on Monday also behind the surge of oil price. However, market worries that the surge could trigger higher output.
West Texas Intermediate for July delivery was up 67 cents or about 1.4%, closed at $50.5/barrel in Nymex. It was the highest closing price since July 2015.
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Eko Trijuni has been trading forex full time since 2005. He is now the Head Market Analyst for FOREXimf.com. His specialty is technical analysis.