Crude oil futures rose on Monday following the stock indexes. Thus, considerable strengthening of the American stock indexes eased concerns for a while regarding growing oil and fuel reserves.
According to the trading results of the New York Commodity Exchange, the November sweet crude oil futures ticked up by 82 cents or by 1,2% to 66,84 dollars per barrel. Brent oil futures price jumped by 43 cents or by 0,7% to 65,54 dollars per barrel.
The oil prices climbed when the US stock indexes started the trade in a positive territory, recovering the interrelation, which has been unstable for about a couple of weeks.
The oil futures has been fluctuating around 70 dollars/brl for several months already, while the traders are waiting for the global economy to use surplus oil and fuel inventories accumulated during the downturn. The reserves contraction is slower than it was expected. This promtes corrections from time to time, similar to that was seen in the last week when the oil price fell by 8% amid unexpected growth of crude oil inventories in the USA.
The oil market participants also keep watch over the actions of Iran waiting for «G6» negotiations which are due on Thursday in Geneva. On Monday, Iran tested the long-range rocket able to reach Israel. The USA and its confederates stand for new sanctions introduction after the information emerged last week concerning the establishment of the second uranium enrichment plant in Iran, raising concerns about that Teheran is to develop the nuclear weapon.
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