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- Oil is trading slightly higher
Oil is trading slightly higher
Oil prices rose slightly and gradually sent to its first weekly gain in the last month, since the increase of tension in the Middle East have prompted fears that the supply violated. Also on this momentum influenced presented U.S. consumer confidence index, which unexpectedly rose in October to a five-year maximum.
Earlier, prices rose by 0.6%, as the countries of the European Union reached a preliminary decision to tighten sanctions against Siriii. Note that the tension in the Middle East, of course, a factor that should keep the price of oil above $ 85 and close at $ 90 a barrel.
European foreign ministers are planning to formally approve the measure at a meeting on October 15 in Luxembourg.
Oil also rose amid higher U.S. stock markets and the euro strengthened against the euro after the EU statistical office said that industrial production in the euro zone rose unexpectedly by 0.6 percent in August.
A strong euro and a weakening of the dollar increases the appeal of oil as an investment alternative.
November futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) is 91.85 per barrel on the New York Mercantile Exchange.
November futures price of North Sea Brent crude oil mixture is 114.53 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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