Crude Oil On Fire, Brent Hits 2-year High

Crude oil futures continued to surge Tuesday, with London’s Brent crude touching its highest in two years.

December Brent added 47 cents, or 0.8%, to end at $61.37 a barrel, with the contract up about 8% for the month.

U.S. WTI light sweet crude oil, meanhwhile, added 23 cents to settle at $54.38 a barrel, the highest since February. WTI was up 4.7% in October.

Oil prices have surged on speculation OPEC will extend its supply quota deal with Russia. The cartel meets in Vienna November 30. Also, encouraging U.S. economic data raised demand expectations for energy products.

Consumer confidence in the U.S. saw a significant improvement in the month of October, the Conference Board revealed in a report released on Tuesday.

The Conference Board said its consumer confidence index jumped to 125.9 in October from an upwardly revised 120.6 in September. Economists had expected the index to inch up to 121.0 from the 119.8 originally reported for the previous month.

The American Petroleum Institute is out with its industry survey this afternoon, followed by official numbers from the Energy Information Administration tomorrow morning.

The material has been provided by InstaForex Company –

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