Oil prices are moving over $72 a barrel on Monday as the investors are tensed related to a weak U.S. economic revival amidst the fluffy holiday trading volume.
By the early afternoon in Europe, the standard crude for the August deliverance had been moving up 10 cents to $72.24 a barrel in the electronic trading on the New York Mercantile Exchange. The contract moved with the 81 cents to reconcile at $72.14. U.S. markets are closed on Monday for the Fourth of July holiday.
Oil prices dipped by the preceding the six trading sessions and plummet almost 10 percent since the last quarter amidst the enduring qualms related to the Europe's financial crisis and slowing economic growth.
According to a report from Commerzbank in Frankfurt, the exploratory savers are getting their profits due to the tensions related to the economic decelerate in the USA and China.
On Friday, the Labor Department expressed that the U.S. private sector adding a net 83,000 workers that was more than in the month of May but less than the month of March and April, strengthening the anxiety related to the global economic growth and crude demand that might slowdown.
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