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October 8, 2014

Price of Brent crude inches towards $92 a barrel

The price of Brent crude inched towards $92 a barrel, despite hitting a 27-month low in recent days.

The price of Brent crude inched towards $92 a barrel, despite hitting a 27-month low in recent days.

The chances of the Federal Reserve holding off the interest rate hike have weakened the US dollar, which helped support the oil price.

"Expectations of an increase in oil demand by the end of this month has helped push the price of oil up."

Expectations of an increase in oil demand by the end of this month has helped push the price of oil up, reports Reuters.

Brent crude for November delivery grew 36 cents at $91.74, while US November crude increased 45 cents to $87.76.

Reuters quoted Singapore’s Phillip Futures as saying in a report: "Energy prices should experience some upward push with a weakening dollar as it should be relatively cheaper to purchase energy products."

Meanwhile, investors are monitoring political tension developments in the Middle East.

Islamic State fighters again renewed their assault on Kobani, close to the Turkish-Syrian border.

US and coalition warplanes are targeting IS strategic points and strongholds in Syria.

Next week, diplomats from Iran, the EU and the US will meet in Vienna to discuss the long-pending agreement on ending the dispute over Iran’s nuclear programme before the 24 November deadline.

Energy

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