Oil prices rose again today amid news of a recovery of Asian shares, the euro and base metals, although tensions still remain in the Middle East, offering additional support.
Positive data from the US and Europe led investors to go for riskier assets, thereby reviving hope for a healthier global economy.
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Brent crude gained 36 cents to as much as $109.80 a barrel, while US oil rose by 24 cents to $88.89 as inventories were expected to have risen 1.7 million barrels for the week ending 19 October 2012.
Seven people were killed, while dozens were wounded, in gun battles in the Lebanese capital Beirut and Libya’s coastal Tripoli, increasing fears of Syria’s civil war spreading across to other nations and regions, reports Reuters.
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