CNBC reported that the price of oil received support from concern about Iran’s nuclear situation, which is allaying worries about the world’s slow economic growth and the possibility of a rise in US crude inventories.
As quoted in the market news:
Brent November crude rose $1.14 to $110.95 a barrel by 11:58 a.m. EDT (1558 GMT), having reached $111.47.
Prices slipped to $108.78 in Monday’s session, but that was well above Brent’s six-week low of $107.10 hit last Thursday and did not threaten a test of support at the 100-day moving average, a technical indicator closely watched by traders.
U.S. November crude was up 67 cents at $92.60 a barrel, off its $93.20 session peak.
Monday’s dip to $91.06 by U.S. crude did not threaten its $90.66 low from last Thursday, which was the weakest price since early August.