Brent steadies above $107 dpb

Date:

nyse-friday_1007585cBrent futures held steady above 107 dollars per barrel on Thursday as investors balanced dovish Federal Reserve comments with expectations of a rise in U.S. crude inventories.

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In prepared comments to be delivered to a Senate committee hearing later on Thursday, Janet Yellen, who is poised to be the next head of the Fed, said she thought the U.S. central bank had more work to do to aid the economy.

“Commodities, including oil, will be very sensitive to any clues about when the tapering will take place,” said Mark Keenan, head of commodities research in Asia at Societe Generale.

He was referring to the timing of any tapering in the Fed’s massive bond-buying programme.

Brent for December delivery was up 26 cents at 107.38 dollars per barrel at 0747 GMT.

The contract closed 1.31 dollar higher on Wednesday, supported by Libyan supply outages.

U.S. crude was seven cents lower at 93.81 dollars per barrel, after settling up 84 cents.

The Fed’s 85-billion dollars a month in bond-buying has boosted liquidity and appetite for risk assets such as oil.

TA

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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