Reuters reported that oil prices rose for the third day in a row after the minutes from the US Federal Reserve’s latest meeting indicated that it will likely act soon to provide stimulus if the economy does not take a turn for the better.
As quoted in the market news:
Brent October crude rose $1.21 to $116.12 a barrel at 11:53 a.m. EDT (1553 GMT), having reached $116.38.
Brent has recovered from a low of $88.49 posted on June 22 after retreating from the 2012 peak at $128.40 hit on March 1.
U.S. October crude was up 43 cents at $97.69 a barrel, after reaching $98.29, highest since early May.