Oil continues to rise with the support of new investments and the dollar's decline

March 11, 2016 16:30
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Oil prices continued to rise, Friday, March 11, with the support of new investments and the dollar's decline.

The price of the global London Brent crude futures to $ 40.70 a barrel, up 65 cents from the previous settlement price.

The total price of US crude futures to $ 38.64 a barrel, up 80 cents, or more than two percent from its price at the previous close.

Traders said Reuters that most of the support it has received in oil prices came from the rise of the yuan to the highest level since the beginning of 2016 on Friday as the dollar fell against other major currencies. The US currency has already fallen on Thursday following the announcement of the European Central Bank to ease monetary policy.

And it supports the dollar's decline in oil prices since it reduces the cost of crude denominated in US currency on countries such as China that may boost demand for fuel.

Traders said that oil prices also found support in the funds pumped money into crude markets.