Oil steadies after report China ready to buy more | Reuters
Oil futures were little changed on Thursday as reports China was prepared to buy more oil and other energy supplies to meet growing demand offset price pressure from an unexpected rise in U.S. crude inventories and a strong dollar.
Brent futures for November delivery fell 12 cents, or 0.2%, to settle at $78.52 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 20 cents, or 0.3%, to settle at $75.03.
Earlier in the day prices at both benchmarks dropped over $1 a barrel.
"The expiration of NYMEX products and Brent crude ... spiked volatility," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
No comments:
Post a Comment