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U.S. dollar rose against its peers; the euro loses strength 

The U.S. dollar outperformed its major peers on Thursday’s opening session. This came in after the euro retreated from its highest level since December 18, following concerns around political instability in Italy. 

The U.S. dollar index marginally declined to 93.298. On Wednesday, the index touched its best level (93.632) since December 19. Against its Japanese counterpart, the greenback was almost unmoved at 110.380 yen. 

The euro inched up 0.05 percent towards $1.1813. The common currency slid to a five-month low of $1.1763 after reports according to which the anti-immigrant League and Italy's 5-Star Movement might ask the European Central Bank (ECB) for a debt relief of 250 billion euros. 

Oil strengthened as the market tightens 

The price of oil advanced on Thursday due to reduced production in the United States and rising global demand. According to official reports, crude stockpiles in the U.S. declined by 1.4 million barrels to 432.34 million barrels in the week ending on May 11. 

U.S. West Texas Intermediate (WTI) prices edged up by 0.3 percent, or 19 cents, to finish at $71.68 per barrel. Brent crude futures are already close to reaching the $80 per barrel handle. They added 4 cents, and closed at $79.32 a barrel. Investors believe that prices are likely to cross the $80 threshold in the foreseeable future in light of the prospects of sanctions on Iran’s oil industry.

* The details mentioned above have been partially adopted from third party sources, including websites, and are displayed “AS-IS” Readers should take into account that all the data that appear in this review can change based on the dynamic of global markets. The information provided by the review ought not to be considered as advice or financial guidance nor can it relate to any investor’s personal requirements or investment goals. In addition, the data should not be conceived as any kind of recommendation to trade and / or carry out a transaction and / or deposit funds.