Crude oil futures contract amid negative stability of the dollar index
Crude oil futures rose during the Asian session on Wednesday, to witness the stability of Nymex crude prices at its highest since late 2014 amid the decline of the dollar index according to the inverse relationship between them and comes on the threshold of absence of the US market on Wednesday, because of the Independence Day holiday in the States United Nations.
US crude oil futures rose 15 cents to $ 74.61 a barrel from $ 74.14 a barrel at $ 74.61 a barrel.
London Brent crude futures rose 0.51% to trade at $ 78.16 per barrel, compared with the opening at $ 77.76 a barrel, while the US dollar index fell 0.06% to currently trade at 94.54 compared to the opening at 94.59.
Oil futures are benefiting from the Atlantic hurricane season, which usually hits the Gulf of Mexico by storms amid investors for the Atlantic hurricane season, which began in early June and ends at the end of November, usually resulting in an average of 12 storms.