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Oil prices rose as tensions in the Middle East has increased, and the global economic downturn could lead to a reduction in demand.
Prices rose after Turkey sent more tanks and missile defense systems to the Syrian border. Also today, the International Monetary Fund cut its outlook for global growth amid crisis worsens erozone. At the same time, the spread between oil West Texas Intermediate and Brent reached its highest level in nearly a year.
We also note that today's oil minister of Saudi Arabia stated that they will help to meet all the needs for raw materials.
Analysts expect that U.S. oil reserves are likely to have increased after the extraction of oil rose to its highest level in more than 15 years, while imports increased. It is predicted that stocks rose 1.5 million barrels last week, according to the median forecast of analysts. Official data tomorrow will provide the Ministry of Energy.
November futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) is 89.48 per barrel on the New York Mercantile Exchange.
November futures price of North Sea Brent crude oil mixture is 111.94 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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