Oil News

crude oil futures have been rebounding

crude oil futures have been rebounding

In London, the January Brent Crude settled up 1.67 percent at $78.47 a barrel, trading from $76.40 to $79.30.

More than a dollar higher, crude oil futures have been rebounding from Friday’s losses – losses influenced by a weak dollar and geopolitical Iran issues.

On Sunday, Iran expressed its intentions to build 10 uranium enrichment plants. At the same time, late on Monday we have heard that the country had restructured its naval forces in case of a conflict in the Persian Gulf.

Crude futures have been supported by the refined product rally.

In the past two months, crude oil prices have oscillated in a narrow band of $70 to $ 82, registering a gain of 0.5 percent in November, following a four month straight rise.

In London, the January Brent Crude settled up 1.67 percent at $78.47 a barrel, trading from $76.40 to $79.30.