Brent crude edged up to a more than three-month high above US$115 per barrel on Thursday, as the US Federal Reserve's pledge to stick to its bond-buying stimulus plan and upbeat euro zone data fuelled optimism about oil demand.
But a surprise contraction in US economic growth and a surge in crude stocks to a seasonal record last week in the world's top oil consumer kept a lid on gains.
"After many years of fears that the economy is going to crash, it seemed like the worst is behind us. So better news out of China and expectations for recovery in the United States caused risk money to come back into equities, commodities and energy," said Tony Nunan, an oil risk manager at Mitsubishi.
http://www.arabianbusiness.com/brent-rises-above-115-hits-highest-since-oct-487856.html
No comments:
Post a Comment