Reuters reported that anticipation that the US Federal Reserve will stimulate the economy by introducing a third round of quantitative easing brought oil prices up despite bearish Chinese oil and industrial growth statistics.
As quoted in the market news:
Brent October crude rose 56 cents to settle at $114.81 a barrel, having traded from $113.92 to $115.05.
The Brent October contract expires on Thursday.
U.S. October crude edged up 12 cents to settle at $96.54 a barrel, after slumping more than a $1 to $95.34. The session peak of $96.63 was 2 cents above the $96.61 200-day moving average, a technical indicator closely watched by traders.