Oil near a Month High

Sunday, October 11, 2009

Oil futures rose, trading near the highest in a month, as stronger equities markets and declining U.S. gasoline supplies increased speculation that fuel demand may improve. Yesterday, the contract rose 2.54 dollars a barrel, or 6.4%, to 42.50 a barrel, the highest settlement since January 26.

Word on the Trading Desks:

“The market is consolidating after last night’s gains on the back of a fairly bullish U.S. fuel inventories report” Andrey Kryuchenkov, VTB Capital, London

“Risk sentiment has improved, with gains in global equities also supporting the market” Andrey Kryuchenkov, VTB Capital, London

Oil Traders Blog is a website for active online oil futures traders. We provide research and relevant oil and energy related news for the oil trader or daytrader.


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