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[size=37]New high for oil prices[/size]
[size=37]New high for oil prices[/size]
BAGHDAD - The Journal News: Oil prices rose on Friday, with the support of new investments and the falling dollar, which reduces the cost of fuel importers who use other currencies.
By 0749 GMT, US crude futures to $ 38.64 a barrel, up 80 cents, or more than two percent from its price at the previous close.
The price of the global London Brent crude futures to $ 40.70 a barrel, up 65 cents from the previous settlement price.
Traders said 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.
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