NEW YORK: Brent crude rose nearly $3 a barrel yesterday, closing shy of $103 as a rate cut by the European Central Bank supported riskier assets, although a shaky outlook for global oil demand and ample supply capped gains.
Brent crude gained $2.90 a barrel to settle at $102.85 after trading between $102.98 and $99.51. It fell more than 2 percent on Wednesday and has lost over 7 percent this year. US crude closed $2.96 higher at $93.99 a barrel, up 3.25 percent.
“Oil is up because of the stock market and the Europeans lowering their interest rate. The thought is that is going to improve their economy and increase demand,” said Mark Waggoner, president of Excel Futures in Bend, Oregon.
Reuters
