Oil Prices Bounce Back

Oil Prices Bounce Back

- in Economic Matters
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Things are looking well for most countries as the price of oil bounced back on Friday after it reached its lowest since August.

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*Photo used for illustrative purpose*

Oil prices has bounced back to $46 per barrel after falling to $43 on Friday, its lowest since August.

The rise in prices according to traders was due to opportunistic buying following the sharp drop in prices in the last week occasioned by weak fundamentals.

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Reuters reports that International Brent crude oil futures LCOc1 were trading at $46.00 per barrel in the early hours of Monday

On Friday, the global benchmark had fallen as low as $45.08, its weakest since Aug. 11.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 48 cents, or 1.09 percent, at $44.55 a barrel.

WTI hit $43.57 on Friday, its lowest since Sept. 20.

-NAN

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