Despite a holiday in USA and many parts of Europe, crude oil futures rose on Monday as firm global demand offset a strong dollar. As per Reuters, front-month Brent crude LCOc1 rose to US$65.9 a barrel, as the market drew support from figures showing strong demand across Asia and USA.
Data from the Finance Ministry shows that Japan's customs-cleared crude oil imports rose 9.1% year-on-year to 3.62 mln bpd in April. In China, crude imports hit a record 7.4 mln bpd last month, with healthy car sales countering a slowing economy. In the United States, the peak summer driving season started with Memorial Day on Monday, and the American Automobile Association said road travel was expected to reach a 10-year high over the long weekend.
The dollar held near two-month highs against the euro and yen, as well as a one-month peak against a basket of currencies. A strong dollar makes greenback-denominated crude oil less attractive for holders of other currencies.
26-May-15 
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