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Commodities Briefing - Categorized | Futures and Options, Oil, Price Watch more

Oil futures rises on renewed market optimism

Posted on 14 October 2008

From Theaustralian.news.com.au: Oil futures rose overnight for the first session in four, interpreting stock market optimism as a good sign for petroleum demand.

Light, sweet crude for November delivery settled up $US3.49, or 4.5 per cent, at $US81.19 a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures exchange settled $US3.37 higher at $US77.46 a barrel. Oil climbed as the Dow Jones Industrial Average made its largest one-day intraday point gain ever. The blue-chip indicator was recently up 700 points on European governments’ commitment to bank recapitalization and prospects for similar moves from the U.S. Treasury….. Full Article: Source


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