Source: ForexYard
Crude oil climbed to a one-week high after policy makers at the Federal Reserve mentioned that they speculate growth to move ahead at an accelerated pace. The rise comes after the commodity dropped as supplies in the U.S gained as well as a comment made by Iran’s envoy in Moscow claiming that the nation is discussing a proposal to delay the expansion of its nuclear program.
Crude for June Contract apppreciated 0.5 percent to $104.11 per barrel around approximately 2pm New York time. The commodity reached its highest level since April 17 after touching 104.57 a barrel. So far for the year, Crude Oil prices have appreciated 5.3 percent.
Wednesday saw the release of the weekly Crude Oil Inventories report which produced higher figures than expected. Crude Inventories climbed 3.98 million barrels to reach 373 million in the previous week as output appreciated to a 12-year high.
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