Oil investments hold onto gains, as commodity index steadies
Crude oil futures decreased slightly today, paring down some of the gains they reported late last week on the commodity index in New York. The oil commodity futures have been riding out a major upswing on the strength of optimistic news of active debt resolution efforts taking place in Europe and positive economic data stemming from the U.S. Oil investments reached their month-long peak last week when the leaders of the euro zone finally reached an agreement concerning the region’s rapidly escalating debt situation.
Crude oil futures for delivery in December currently sit at $93.36 per barrel in electronic trading on the New York Mercantile Exchange, showing an increase of 4 cents. The American benchmark commodity oil has made a tremendous run since the start of the month, rallying up from $75 per barrel and razing the extensive losses it suffered on the commodities market over the year.
Today’s Featured Crude Oil Investment Snapshot:
Brent crude oil prices for settlement in December now sit at $109.90 per barrel, down 1 cent on the ICE Futures Europe Exchange in London. The margin between the European benchmark and its U.S. counterpart has narrowed drastically over the past few weeks, falling below $20 per barrel. Brent crude oil’s figures reported mixed results and projections since a few of OPEC’s key suppliers are still out of commission due to political unrest and labor strikes. The sector overall and oil investments in particular are still yet to adjust to Libya’s coming full-scale return to the commodities market. The addled nation has shaken off its month of civil and political hostilities and is now poised to re-launch its light sweet crude commodity oil with full force.
OPEC’s representatives have reportedly announced that their projections for global demand remain fairly optimistic for the remainder of 2011 and into 2012. The prolific group has placed considerable confidence into Europe’s ability to resolve its long-standing debt crisis, bolstering crude oil futures and oil investments along the way.