gnutrade.satya
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Bouncing equities took the oil market to kick off the day on a bright note. Oil prices rose supported by a weaker dollar as concerns over the European banking system eased and investors cautiously bought riskier assets.
Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois said: "The complex advanced by about 0.7 percent today with some help from an upswing in risk sentiment."
Tim Evans, analyst at Citi Futures Perspective in New York said: "Equity markets are bouncing today, which is some support for the crude market, and there's chatter about forward buying as a bet on 2011 economic recovery."
A barrel of crude oil for October delivery 58 cents to settle at $74.67.
Jim Ritterbusch, president at Ritterbusch & Associates in Galena, Illinois said: "The complex advanced by about 0.7 percent today with some help from an upswing in risk sentiment."
Tim Evans, analyst at Citi Futures Perspective in New York said: "Equity markets are bouncing today, which is some support for the crude market, and there's chatter about forward buying as a bet on 2011 economic recovery."
A barrel of crude oil for October delivery 58 cents to settle at $74.67.