Oil prices rebound on supply concerns
6 Oct 2012 11:45 PM GMT
Oil prices rose on Friday after four days of losses, aided by supply concerns and a weaker dollar on the eve of keenly-awaited US jobs data, analysts said.
Brent North Sea crude for delivery in November rallied USD 2.02 to stand at USD 110.19 a barrel in late London trading.
New York's main contract, light sweet crude for November, advanced USD 1.63 to USD 89.77 a barrel.
'The bounce was in part technically driven, while raised supply-side concerns stemming from the escalation of conflicts between Turkey and Syria also lent support,' said Fawad Razaqzada, analyst at trading group GFT Markets.
‘But I think the bounce will be short-lived as traders are likely to wait until Friday is over before taking on any bold positions... Saturday’s non-farm payroll number is eagerly anticipated and could provide near-term direction.’
Brent North Sea crude for delivery in November rallied USD 2.02 to stand at USD 110.19 a barrel in late London trading.
New York's main contract, light sweet crude for November, advanced USD 1.63 to USD 89.77 a barrel.
'The bounce was in part technically driven, while raised supply-side concerns stemming from the escalation of conflicts between Turkey and Syria also lent support,' said Fawad Razaqzada, analyst at trading group GFT Markets.
‘But I think the bounce will be short-lived as traders are likely to wait until Friday is over before taking on any bold positions... Saturday’s non-farm payroll number is eagerly anticipated and could provide near-term direction.’
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