Oil prices 'to stay within range'

18/09/2009

A lack of major influencing factors is likely to see oil prices remain steady for the foreseeable future, reports the Wall Street Journal.

The news provider has published the views of Ryoma Furumi, broker at Newedge Japan, in an interview with the Dow Jones newswire.

According to the investment broker, oil prices are likely to remain in the range from $70 to $75 during a time of relatively few factors driving them in either direction.

However, Dow Jones adds that Japan itself was responsible for a slight drop in prices as traders recouped some of their profits in the run-up to a long weekend in the country.

Following this, oil prices recovered to clear $72 and stay there "firmly" for a third day on Friday.

The Wall Street Journal previously published a Dow Jones report noting a slight fall in fortunes for Brent on the ICE Futures exchange on Thursday (September 17th).

Down 0.2 per cent over the course of the day, the commodity lost 12 cents to stand at $71.55 per barrel.