Prime News: Oil soars on new financial investments, weaker US dollar

Oil prices gained more than 1% on fresh financial investments and a weaker US dollar even though a global glut remained in place.

Brent crude futures LCOc1 closed at $40.55 per barrel, up half a dollar. The West Texas Intermediate crude futures CLc1 ended at $38.29 per barrel, up 45 cents.

Firmer oil prices surfaced after losses in the last few days following a meeting between key producers to discuss coordinated output freeze looked unlikely to occur as Iran won’t attend the said gathering.

The material has been provided by InstaForex Company –

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