On the basis of speculation that there will be a surge in the demand of fuel due to the improvements taking place in the US economy, oil prices have rose to its highest of last four months.
Not only this, it has also been suspected that one of the other reasons for rise in oil prices is a kind of unrest that has been taking place in the Middle East and North Africa. There have been concerns about the continuation of its supplies and this might be the added reason for rise in oil prices.
Experts were of the view that tables turned in the favor of the US at the time when the Federal Reserve said that it will be buying open-ended purchases of $40 billion per month. They will continue to do so till the time unemployment rate reduces to a significant level and till the time they get an optimistic signal from the side of the labor market.
“Sentiment is upbeat as we’re a little clearer on what the Fed and European Central Bank will do to revive the economy”, said Andrey Kryuchenkov, who has been positioned as an analyst at VTB Capital, which is in London.
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