Fundamentals Push Brent Back Above $90

摘要

Oil futures rose on Thursday, with global benchmark Brent bouncing back above $90 per barrel, a level it seems reluctant to push below. In London, Brent crude for November delivery rose 63￠ to settle at $90.46/bbl, while in New York, November West Texas Intermediate (WTI) on Nymex closed up 55￠ at $83.49/bbl. Technical traders say Brent remains well above its next key support level - in fact, the front month contract is closer to resistance than support. For all the bearish sentiment driving prices, expectations of a tight market, especially for heating fuels during the Northern Hemisphere winter, seems to be putting a fl oor under oil.