Brent crude oil at $65.62 per barrel

29/09/2009

Brent crude oil for November delivery increased eight cents to $65.62 a barrel on London's ICE Futures.

Meanwhile, on the New York Mercantile Exchange, light sweet crude oil, New York's main contract, was at $66.86, an increase of two cents, reports the Wall Street Journal.

Mark Pervan, head of commodity research at ANZ in Melbourne, told the newspaper that traders are becoming impatient that rising equity prices haven't meant a decrease in oil stockpiles.

He said: "Firmer equity markets and a weaker US dollar are being offset by rising oil supplies."

However, Jim Ritterbusch, president of the trading advisory firm Ritterbusch & Associates, believes that the influence of equities may be impossible to ignore, stating that despite much attention being given to currency, three-digit swings in the Dow Jones Industrial Average are difficult to ignore.

Oil prices have remained within the $65 to $75 range for a number of months; last week there were concerns from some experts that with the bottom of the range edging closer oil prices could drop under the $65 mark.