Business Crude Oil Prices Regain Strength


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World oil prices gained strength Friday from six straight sessions of losses, as investors eyed rising global equities and increasing risk appetite on receding Brexit concerns, dealers said.

At about 1100 GMT, Brent North Sea crude for delivery in August was up 99 cents at $48.18 a barrel.

US benchmark West Texas Intermediate for July delivery won 73 cents to $46.94 a barrel compared with Thursday’s close.

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“Oil prices are bouncing back… after falling for six straight days, and also because of the small but general improvement in risk sentiment since Thursday afternoon in response to receding Brexit concerns,” said City Index analyst Fawad Razaqzada.

The market was also buoyed by a softer greenback, which makes dollar-denominated commodities cheaper for buyers using rival currencies.

Crude futures had tumbled on Thursday as fears mounted about next week’s vote in Britain on membership of European Union, sending investors fleeing to the safety of the dollar.



- AFP
 
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