Crude Oil Futures Climb Amid Copenhagen Meeting Optimism


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The price of crude oil futures was on the increase on Friday, one day after enduring significant losses, according to Bloomberg.

Drivers for the energy commodity 's strong performance include optimism for the European region finance ministers' two days of meetings beginning Friday in Copenhagen. The ministers were set to approve raising the amount of money held by rescue funds, which is projected to support enhanced consumption of the energy commodity.

"Any rhetoric concerning the tightening of sanctions will increase pressure on the region, and as a result you have to expect it to extend to oil prices ," chief executive Jonathan Barratt with commodity markets newsletter Barratt's Bulletin out of Australia told Bloomberg. "We did break below the very important support of $104 a barrel, and I think we've had a technical reaction on the back of that."

At 8:46 a.m. on Friday, the price of crude oil futures increased 0.95 percent, a $1.16 lift to $123.55 per barrel.

Reuters noted an additional driver of the energy commodity's upward drive is discussion about consumer nations opening strategic reserves amid sanctions targeting oil-rich Iran and its nuclear program as nations pursue options other than the Middle Eastern nation for oil acquisition .

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This article appears in: News Headlines , Business , Economy
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