Oil prices continue above 91 usd on US rate cut hopes |
| CNNMoney.com - Jan 29, 2008 |
Oil continued above 91 usd, buoyed by investor hopes a potential rate cut from the US Federal Reserve this week could help stave off a looming recession.
At 1.04 pm, New York's WTI crude for March delivery was up 7 cents at 91.06 usd per barrel.
In London, Brent crude for March delivery was up 22 cents at 91.60 usd per barrel.
Commodities have closely tracked equity markets in recent weeks, and with shares higher in London due to market expectations for a further 0.5 pct point interest rate cut from the Fed, prices have ticked up.
'The correlation of WTI to equities remains exceptionally high and as the intraday volatility is increasing on equities the big red or big green printed on Wall Street becomes an increasing sentiment driver for oil,' said Petromatrix analyst Oliver Jakob.
Read Full Article from CNNMoney.com
- Posted: 2008-01-29 09:45:34
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