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With dollar declining oil found favour with customers after speculation was made that fuel may be in demand after China's manufacturing expanded in October. Mark Pervan, a senior commodity strategist at ANZ Banking Group Ltd. in Melbourne, said: "There’s a lot of speculative activity that’s pricing in a recovery. The market could go lower but we shouldn’t get too carried away with what’s happening in the short term. There are a lot of people looking to buy on the dips.”
Crude oil for December delivery rose $1.13 to settle at $78.13 a barrel on the New York Mercantile Exchange.
With dollar declining oil found favour with customers after speculation was made that fuel may be in demand after China's manufacturing expanded in October. Mark Pervan, a senior commodity strategist at ANZ Banking Group Ltd. in Melbourne, said: "There’s a lot of speculative activity that’s pricing in a recovery. The market could go lower but we shouldn’t get too carried away with what’s happening in the short term. There are a lot of people looking to buy on the dips.”
Crude oil for December delivery rose $1.13 to settle at $78.13 a barrel on the New York Mercantile Exchange.
