Oil is trading up over two dollars this morning, following a mixed Friday session, with traders continuing to mull on the depth and duration of the economic slowdown and weakening demand amid dire macroeconomic figures.
On Monday morning the ICE Brent front month contract was trading up USD 2.36 at USD 59.71/bbl, largely on the back of much-awaited Saudi supply cuts as well as a Chinese economic stimulus package, underpinning demand through infrastructure investments.On Friday, the ICE December contract settled down 8 cents at USD 57.35/bbl, down 12.2 per cent during the week touching a low of USD 56.62
Montag, 10.11.2008, 07:49 Uhr
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