Topic: Oil prices rebound in Asia after overnight falls

Oil prices rebounded in Asian trade today after overnight falls in reaction to weaker US consumer confidence.

New York's main contract, light sweet crude for November delivery, rose 26 cents to $66.97 a barrel. Brent North Sea crude for November delivery gained 29 cents to $65.78 a barrel.

Crude prices had tumbled yesterday after a widely watched US consumer confidence index fell to 53.1 in September from 54.5 in August, overshadowing some positive data on the housing front.

The figure was weaker than the 57 expected on Wall Street, and suggested consumers may be cautious in resuming spending, which is key to economic recovery.

Investors are awaiting other key data to be released this week for a better gauge on the pace of recovery in the US, the world's biggest energy user. The US Department of Energy is due later this afternoon to release its weekly oil inventory report and analysts expect crude stocks to have risen by 300,000 barrels in the past week.

2 Reply by Bobotsoi

  • Bobotsoi
  • Guest

Re: Oil prices rebound in Asia after overnight falls

support at US$69.80; currently US$70.13, target $72 soon:)

Re: Oil prices rebound in Asia after overnight falls

Hi Bobotsoi,

Yes, check out the 6 percent oil price leap in the last 12 hours! Looks like the meeting in Geneva today will also play a part in the short term oil price (all about Iran, the fifth largest oil producer in the world).

Our guess is that oil's going higher, alot of others feel that the oil price is going higher too.

What do you think of our new site layout? http://www.liveoilprices.co.uk/oil/