Brent crude oil prices rise

04/11/2009

London Brent crude oil for December delivery was trading at $78.34 per barrel - a 23 cents increase - this Wednesday (November 4th) on London's ICE Futures exchange.

Heating oil prices fell 1.26 cents to take the price to $2.06 cents per gallon this Wednesday (November 4th), reports Bloomberg.

Further information about stockpiles may provide further clues for investors. The market will be anticipating the Energy Information Administration which is scheduled to reveal data later this Wednesday.

Toby Hassall, a research analyst with CWA Global Markets, said: "Oil probably tapped some strength from the economic data as well."

Commodity analyst at the Credit Suisse Group Tobias Merath said that recent data has proved positive for the market.

A weaker dollar and improvement sentiment across commodities has seen oil prices testing the upper end of the $75 to $80 range, he added.

Earlier this week it was reported that the Iraqi oil ministry has signed an initial contract with a consortium led by the Italian energy giant, ENI, to develop the Zubair oilfield in southern Iraq.