Oil slightly rises amid weak Dollar

Source: Investing.com
© Scanpix/Reuters
In spite of OPEC forecasting weak demand for oil in 2015, as well as lower oil prices, oil has actually steadied as US Dollar dropped. As SNB lifted a three-year cap versus the Euro, the Swiss Franc elevated sharply, pushing down the Greenback and the Euro zone currency. Due to commodities being priced in US Dollars, black gold gained with US currency drop. Brent crude added 65 cents to $49.34 per barrel and US crude rose 67 cents to $49.25 per barrel. Despite low oil prices, US is still expected to increase oil output by nearly one million barrels per Dollar.
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