Current US Crude Prices Higher for Fourth Straight Day

The current crude price of U.S. oil finished higher for the fourth consecutive day, mostly due to stronger hopes of investors on Europe after Germany’s Chancellor and France’s President assured that they will do everything they can to protect the region. The two leaders gave their statement at about the same time the president of the European Central Bank gave a similar stand. For this week, the per barrel oil price has gained around 0.3 percent.

Nevertheless, the price of oil has been rising and falling throughout the day on some weak U.S. GDP data. It obtained support with the continuous weakening of the U.S. dollar against other main currencies.  Light, sweet crude oil futures prices for delivery in September grew 0.8 percent or $0.74 to finish at the current crude price of $90.13 in the NYMEX.

The price of oil finished higher in the previous day after Mario Draghi, the president of the ECB, gave his comments about the euro at a London conference.

The dollar index that compares the U.S. dollar against six main currencies, traded lower today from 82.834 to 82.639. The dollar traded throughout the day between 83.01 and 82.40.

The euro currently traded higher versus the dollar from $1.2283 in the previous day to $1.2301. Throughout the day, the euro moved between $1.2389 and a low of $1.2242.

The euro kept on gaining following the statement of the Chancellor of Germany and the President of France on protecting the eurozone. The same assurance was recently given by Mario Draghi about the euro.

Nonetheless, several of the euro’s recent gains were lost versus the majority of its rivals following a report showing that the unemployment rate of Spain reached a 24.6% record level in quarter two.

According to the data of the INE, Spain’s unemployment rate rose from 24.22 of quarter one to 24.63% by the month of June. That rate is almost consistent with the 24.65% forecasted by economists.