Tuesday 6 September 2011

Brent rises towards $111 on US stimulus hopes | Reuters

Brent crude rose towards $111 a barrel on Tuesday, rebounding from sharp falls a day earlier, as expectations for further economic stimulus in the U.S. boosted sentiment.

Front-month Brent rose 58 cents to $110.66 a barrel by 0342 GMT, after rising over a dollar earlier. Brent plunged over $2 a barrel on Monday on weak economic data from the U.S. and China.

U.S. crude was trading at $83.95 a barrel, down $2.50 from Friday's close, as there was no settlement on Monday due to a holiday in the U.S. However, it was up 34 cents from late Monday.

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