Crude Climbs Close To USD65
Crude oil is over a dollar higher this morning at USD64.67/barrel on news that Chinese refiners increased their operating rates to the highest levels in sixteen months.
A weak dollar also added to crude's gains along with bullish housing data from the US. Construction of new homes in the US rose more than expected in June, according to government data, boosting hopes of signs of an economic revival.
Large spec funds increased their length last week, according to the CFTC, indicating a little risk appetite might also be returning.
In addition a fire at a Texas refinery over the weekend might trim US supplies a tad over the next few weeks.
A weak dollar also added to crude's gains along with bullish housing data from the US. Construction of new homes in the US rose more than expected in June, according to government data, boosting hopes of signs of an economic revival.
Large spec funds increased their length last week, according to the CFTC, indicating a little risk appetite might also be returning.
In addition a fire at a Texas refinery over the weekend might trim US supplies a tad over the next few weeks.
