Brent Stays Close to $108.50 A Barrel
As per recent reports, Brent crude is reported to be seen at $108.50 a barrel on Thursday. It is believed that storm Sandy's rampage across the U. S. East Coast has played a key role in instigating the fears that demand for crude oil might reduce, but it seems it recovered later. It is perhaps due to rising industrial activity in China that crude somehow recovered.
There has been enough going on in context of political uncertainty surrounding America and China, which is playing its own role in moving the market.
It reports are to be believed, Brent Crude has seen a rise of 6 cents to $108.76 a barrel by 0730 GMT for the delivery in the month of December. "A lot of attention is dedicated to the United States after Sandy came through. The Northeast is a populated area, and with roads and infrastructure down, we're probably going to see less driving and gasoline use", said Natalie Rampono, a commodity strategist at ANZ.
Furthermore, U .S. gasoline futures for December has seen a rise of 0.2% to $2.6355 a gallon after it manages to gain on Wednesday with the recovery of two New Jersey refineries.
It would be worth seeing what impact would the crude oil would have to see with so much happening across the globe.
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