After the excessive losses seen on Friday amid worries over the weakness of the global economy which increased the prospects of lower demand, crude oil advanced on Monday after being pushed higher by the long-term technical support at $89.83 a barrel.
Crude oil rose more than $1 today, trading as of this writing at $90.88 a barrel, with the lowest found at $89.83 and highest at $90.97; some investors are taking advantage of the sharp fall seen on Friday to make some profits.
As tensions in the Middle East persist, oil tends to keep its upside momentum. There are continued worries over the violence in Syria, sparking fears of potential oil supply disruption from the region if violence moves to neighboring countries, especially Iraq.
Crude also rose after the Dollar Index dropped today from the highest of 79.67 to the lowest of 79.48 around which the index is trading as of this writing, as risk appetite dropped on believes China could apply some stimulus to boost its economy.
Brent rose only about 0.5% to $110.70 a barrel, after TransCanada Corp. announced plans to restart its Keystone pipeline today. The line runs from Alberta to Illinois, and the company originally planned to resume operations October 20.
Meanwhile, Iran continues to be in the picture, after the White House denied reports saying officials agreed to one-on-one talks with Iran’s government over its nuclear program, yet the U.S. remains open to negotiations with Iran.
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Crude Rebounds In A Correctional Move Amid Tensions In The Middle East
Published 10/22/2012, 05:01 AM
Updated 07/09/2023, 06:31 AM
Crude Rebounds In A Correctional Move Amid Tensions In The Middle East
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