FXstreet.com (Barcelona) - Crude oil, remaining by-and-large steady by mid-day over the European sessions, is trading slightly lower as the US dollar makes back some of the recent losses vs. other major currencies. At the time of writing, the front-month crude contract trades at $74.96 after touching a new daily low recently at $74.52. Crude futures have been trading higher in recent sessions as oil demand rises into the summer months and a once worried-over supply gut declines steadily. What’s more, crude has been benefiting on an overall improved market sentiment towards the end of this week as a slew of economic data and high level remarks paint a more optimistic picture of the world economic recovery. The boost of confidence has also helped to weaken the US dollar compared to other majors, whereby generally reducing downward pressure on all dollar-denominated commodities like crude.

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