Brent crude prices fell on Tuesday as the front-month November contract expired ahead of weekly inventoryreports expected to show U.S. crude oil inventories rose last week.
Expiring November Brent retreated only after reaching a four-week high above $116 a barrel and after Brent’s premium to U.S. crude advanced to $24.28, the highest since October 2011.
Oil Trades Near One-Week High on Aid Optimism, U.S. Economy
Oil traded near the highest level in a week in New York on signs Germany may ease its resistance to a Spanish aid and after industrial production rose more than forecast in the U.S., the world’s biggest crude consumer. Futures were little changed after rising as much as 0.7 %. Two German lawmakers said the country is open to Spain seeking a precautionary credit line. Output at U.S. factories, mines and utilities rose 0.4 % in September
Check out our data visualization blog.
Shayne HeffernanShayne Heffernan oversees the management of funds for institutions and high net worth individuals.Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service
Copyright Live Trading News All rights reserved.