Oil Edges Higher, on Rebound from Recent Loss: Report

By Midnight Trader,  September 21, 2012, 03:09:41 PM EDT

Crude oil futures gained Friday, on a rebound after recent steep declines left prices low enough to attract bargain hunters, MarketWatch reported.

Most commodities traded higher with a weaker dollar providing an extra boost, as U.S. stocks traded higher. Equities are seen as a proxy for economic conditions and as such for oil demand.

Crude for November delivery added 47 cents, or 0.5%, to settle at $92.89 a barrel on the New York Mercantile Exchange.

On the week, oil lost about 6%. Oil suffered setbacks earlier this week on contract expiration, talk of a strategic petroleum reserve release, comments from Saudi Arabian oil officials and rising inventories.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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