Crude Oil Prices Rise Ahead of the Start of U.S Driving Season

By Forex Yard  – Crude Oil rose Monday on improved demand prospects as investors speculate speculation that economic growth in the U.S. will fuel demand. Crude Oil for July delivery rose as much as 71 cents, or 1%, to $74.68 a barrel in electronic trading on the New York Mercantile Exchange.

Oil received a boost after Federal Reserve Bank of Chicago President Charles Evans reassured markets that the U.S recovery can weather the uncertainties prompted by Europe’s debt crisis. Furthermore, prospects of demand are optimist ahead of the start of the U.S driving season which officially begins this Memorial Day weekend. This season usually leads to an increase in demand.

In a slow trading day today, the Yen weakened to 91.47 per USD from 91.06 in New York on May 28. The JPU slid to 112.57 per EUR from 111.77 last week. The EUR earlier climbed to $1.2335; however, it is currently back to trading below $1.2300.

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