NEW YORK: Brent crude rose yesterday in choppy trading as rising tensions over Iran reinforced the geopolitical fear premium, while concerns about slowing global economic growth limited gains and pressured US oil prices.
Crude futures had also received support from a stronger euro and weaker dollar, along with reports showing improving US consumer confidence this month and home prices rising in July.
Brent’s early rally stalled just 4 cents above the 50-day moving average of $111.43, a level watched by traders, without challenging another closely watched technical point, the 200-day moving average at $111.94.
Brent November crude rose 79 cents to $110.60 a barrel by 2:47pm EDT (1847 GMT), having reached $111.47. Prices slipped to $108.78 in Monday’s session, but that was well above Brent’s six-week low of $107.10 hit last Thursday. US November crude fell 56 cents at settle at $91.37 a barrel, having traded from $91.10 to $93.20.
Reuters
