Wow Crude Oil Prices Surged 8 Percent

Crude oil prices surged 8 percent at the close of trade Thursday on Wednesday(04/02) after the us dollar weakened and ignoring data that showed an unexpectedbig surges in u.s. crude oil inventories hit record highs.

The comments from Russia's Foreign Minister reiterated the willingness of the major manufacturers to meet if there is a consensus among OPEC and non-OPEC members,revived hopes of a deal to trim production, also helped boost the price of crude oil.

The dollar index fell to a more than seven weeks, making commodities priced in dollars cheaper for holders of other currencies, amid growing skepticism that the Federal Reserve will be able to raise U.S. interest rates again this year and after datashowed the U.S. services industry grew more slowly than expected last month.

The price of crude oil futures WTI closed with the biggest increase in five months, up $ 2.40, or 8 percent, at $ 32.28 per barrel. The WTI oil prices last rose 8.5 percent at $ 32.42 per barrel.

Brent crude oil futures price closed up $ 2.32, or 7.1 per cent, at $ 35.04 a barrel, after rising as high as $ 35.11. The Brent oil price last climbed 7.43 percent at $ 35.15.

U.S. heating oil futures prices ended 6.7 percent higher after U.S. weather model States the cooler season during two weeks ahead.

The market ignored Government data that showed US crude oil inventories and gasoline climbed to a record high last week. Crude oil inventories surged 7.8 million barrels higher, surpassing analyst expectations for rising 4.8 million barrels, as imports surged and refiners trimmed.

Forex Chair predicts oil prices potentially weakened by oversupply worries, but couldcome back strengthened if OPEC and Russia deal hopes again strengthened and implemented. The price is expected to penetrate the Support level of $ 31.80-$ 31.30, and if prices continue rising will penetrate the Support level of $ 32.80-$ 33.30.