Brent oil futures closed about 2 percent higher near
$91 a barrel on Friday as it rebounded on bargain
hunting after prices earlier fell to an 18-month low
and U.S. crude futures rose in reaction to a potential
storm in the Gulf of Mexico that could disrupt
production.
• An action by the European Central Bank to ease
collateral requirements -- a move designed with
Spain's woes in mind, caused the euro to rally
against the U.S. dollar, supporting crude oil futures.
• After falling about 4 percent on Thursday oil futures
regained some composure as some buyers returned
after the market had come under oversold
conditions.
• Early on Friday, oil and other commodities and
global equities came under pressure after the ratings
agency Moody's downgraded the credit ratings of 15
of the world's biggest banks to reflect potential
losses from volatile capital markets.
$91 a barrel on Friday as it rebounded on bargain
hunting after prices earlier fell to an 18-month low
and U.S. crude futures rose in reaction to a potential
storm in the Gulf of Mexico that could disrupt
production.
• An action by the European Central Bank to ease
collateral requirements -- a move designed with
Spain's woes in mind, caused the euro to rally
against the U.S. dollar, supporting crude oil futures.
• After falling about 4 percent on Thursday oil futures
regained some composure as some buyers returned
after the market had come under oversold
conditions.
• Early on Friday, oil and other commodities and
global equities came under pressure after the ratings
agency Moody's downgraded the credit ratings of 15
of the world's biggest banks to reflect potential
losses from volatile capital markets.
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