CRUDE OIL PRICE OUTLOOK- High business confidence in South Korea

Today oil prices increased but the bearish features are still here to stay for a while at least. There have been few developments in media today with some of the major points highlighted in these prints:

  • Oil prices increased due to higher consumer spending and signs of higher demand rising from Asia, Ben Sharples of Bloomberg reports.  Businesses are operating at high confidence levels in South Korea and New Zealand. Crude oil price has followed its trend closely in April than any other month in 17 years due to easing concern over supply disruption and relatively lower demand.
  • highlights the falling dollar index which might be one of the reasons for the increase in oil prices. In this week, data on US non-farm payroll is anticipated to shed light on the latest demand situation in the United States. The outcome of the meeting of European Central Bank’s policy meeting is also yet to be seen.