Analysts said trends supported commodities in general and the black gold in particular remained more or less active in early Asian trade Monday with a weaker dollar and resurfacing risk appetite
World oil prices remained mixed in early Asian trade Monday as trends supported the black gold last week stayed. Light sweet crude for November delivery was seen trading at $ 76.53 a barrel at 12.00 noon Singapore time while Brent crude for November was at $78.83 a barrel in London. Analysts said trends supported commodities in general and the black gold in particular remained more or less active in early Asian trade Monday with a weaker dollar and resurfacing risk appetite. Get the most comprehensive analysis and insight into India pulses market.
Subscribe to Commodity Online Info Service Meanwhile world s leading oil cartel the OPEC has left its output ceiling unchanged for almost two years since announcing a record supply curb of 4.2 million barrels per day in December 2008 to combat lower demand and prices On Friday the black gold climbed more than 1.7 percent capping the strongest weekly gain since July. New York s main contract light sweet crude for delivery in November climbed $1.31 to$76.49 a barrel while Brent North Sea crude for November delivery gained 76 cents to $78.87 a barrel.
US Commodity Futures Trading Commission said money managers cut net long crude oil positions on the New York Mercantile Exchange to less than 97 000 in the week through Sept. 21 from almost 114 000 a week earlier. The US stock markets soared on Friday after manufacturing data beat analysts expectations raising confidence in the US economic recovery.
