Crude oil prices witnessed a rise during Friday's trading with the end of the week to its highest level in three weeks and with the rising demand for commodities in the financial markets in addition to the significant decline in the dollar levels.
Traded futures US crude oil prices currently at $ 44.30 a barrel, after the session opened today at $ 43.43 a barrel comes before scoring the highest level in three weeks at $ 44.54 a barrel, while it may hit its lowest level at $ 43.29 a barrel.
The rise in crude oil prices comes with the growing demand for commodities in the market as alternative investments in the markets in light of the uncertainty and the deteriorating outlook for future growth in the US economy after weak economic data released today.
On the other hand, the dollar has declined in today's trading against the major currencies, the lowest level in a week after a drop in US retail sales data in addition to the low producer price index, which increased the negative outlook on the future of the US economy.
With the decline in the dollar against the major currencies, crude oil was able to return to rise to its highest level in three weeks in light of the inverse relationship between them.
Trading the dollar index, which tracks the dollar's performance against a basket of major currencies, is currently at the level of 95.65, after the record lowest level in a week at 95.25 and was opened today's trading at the 95.90 level, recording the highest at 95.99. This comes after the release of US data today which showed a deterioration in the household sector spending on retail sales.
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