Crude Oil Prices Surge

Oil prices are into a higher pattern today, during the Asian trading hours. This is in addition to the rising Sino-U.S. trade conflict that is expected to negatively impact demand for crude.

Now, oil trades at $ 55.27, which is an incline of 0.29 or 0.53% from the previous close of 54.98.The trading volume stands at 134.329K.

The daily range is from 53.72 to 55.38. On the other side, oil prices lost around 3% earlier in the last few sessions as Beijing allowed the yuan to fell to its bottom versus the USD.

Moreover, adding to the support is probably the weaker rate of the USD. This may be helping to boost demand for the dollar-denominated asset.

However, expectations of lower demand due to rising tensions between the United States and China could also be adding to the gaining path.