Increases in manufacturing in China and the US pushed oil to a six-month high as
US light crude oil rose by $2 a barrel or 2.5%, to $83.45. London Brent rose by $1.90 to $85.04 a barrel, before both slipped back slightly. Prices were also boosted by comments from Saudi Arabia’s Oil Minister Ali al-Naimi who described oil prices between $80 and $90 a barrel as acceptable. Traders took this as a sign that oil produces would allow prices to rise to $90 a barrel before taking any action to bring prices down.
Source: BBC News
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.