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- Oil traded near a four-month low
Oil traded near a four-month low
Oil prices continue to oscillates around four because the Americans are preparing for tomorrow's presidential election.
As market participants' attention was riveted to the statement today, Prime Minister of Greece, Antonis Samaras, who said that the country could be forced to leave the eurozone if parliament does not approve a new package of austerity measures on the ballot Nov. 7. Greek Parliament must vote for or against a package of spending cuts, tax increases and other reforms in the amount of 13 billion euros. If the measures and the budget for 2013 are approved, Greece will be able to get help from the European Union and the International Monetary Fund. Recall that the vote on the budget for 2013 is scheduled for November 11.
Note also that, according to the Commission on the Commodity Futures Trading hedge fund managers and other large speculators reduced their "long" positions in oil up to the lowest level in nearly five months in the week ended October 30.
December futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 85.05 dollars a barrel on the New York Mercantile Exchange.
December futures price for North Sea petroleum mix of mark Brent rose 20 cents to 105.76 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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