Oil Recovers As US Fiscal Agreement Close

Oil hovered near $102 a barrel Monday amid alternating hope and uncertainty about the looming deadline for U.S. lawmakers to reach an agreement over the government’s borrowing limit and shutdown.

Benchmark crude for November delivery was up 35 cents to $102.37 a barrel in midday trading in New York. The contract traded below $102 for much of the morning but rose along with the U.S. stock market around midday.

Brent crude, the benchmark used to price international crudes used by many U.S. refineries, was down $1.03 to $110.25 per barrel in London.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza