Commodity Daily News

Chinese Imports and Weak USD Boost Oil above $76

The price of spot crude oil has climbed since last Friday above $76 a barrel on increased Chinese oil imports. The heightened demand emanating from China has helped support the price of oil to its latest high mark and the market currently appears to be appeasing this move with a complimentary decrease in value for the US dollar.

The USD has been trading lower these past few trading days as market sentiment favors risk taking over safe-havens. The price of the greenback has fallen and commodities - which were falling steadily just last week - are now returning to a stable bullish pattern. This week's data on the strength of the dollar and on China's latest surge in imports will determine the week's movements.