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September 28, 2009

Oil Near $67 on Strong Equities

The price of oil held steady at about $67 a barrel on Tuesday after climbing more than 1% a day ago, boosted by strong equities markets and Iran's missile tests. Gains were moderated by expected builds in US fuel stocks while US crude futures for November gained $0.03 to $66.87 a barre

By cms admin

The price of oil held steady at about $67 a barrel on Tuesday after climbing more than 1% a day ago, boosted by strong equities markets and Iran’s missile tests.

Gains were moderated by expected builds in US fuel stocks while US crude futures for November gained $0.03 to $66.87 a barrel by 06.40 GMT (2.40am EDT), after closing up $0.82 on Monday, reported Reuters.

London Brent rose $0.04 to $65.58.

Prices have decreased more than $8 in the past two weeks to just above $65 on Friday, a near two-month low, on doubts over energy demand given weak US economic data and high crude inventories, according to Reuters.

According to analysts, short-term fundamentals remain weak, with US crude and oil products stocks set to show sustained increases, especially as refiners in the world’s largest oil consumer prepare for maintenance ahead of winter.

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