Crude rises in London trading

16/09/2009

Wednesday (September 16th) saw crude oil rise in value in London trading, reports the Wall Street Journal.

The publication notes figures distributed via the Dow Jones newswire, which saw the commodity gain six cents by 07:26 GMT.

As a result, it reached $70.99 per barrel on Globex, based on prices for light, sweet crude for October delivery on the New York Mercantile Exchange.

Dow Jones adds that the rising fortunes of the commodity reversed losses during the Asian trading hours.

These occurred following overnight gains in New York, as investors sought to take advantage of short-term profits, the newswire contends.

However, Phil Flynn of PFG Best recently told fellow newswire AFP that "oil bloat may get the bull's goat" during the remainder of the year.

The analyst explained that the market is entering a period when crude is typically in low demand, which could lead to similarly subdued pricing of the commodity.