Oil prices recover after this weeks' losses

24-Aug-07
Oil and gasoline prices rose, recovering from steep losses earlier in the week, as the stock market gained some stability. This stability eased traders' worries about an economic slump that could result in reducing demand. Light, sweet crude for October delivery rose to settle at US$69.83 a barrel on the New York Mercantile Exchange. In London, October Brent crude rose $1.16 to settle at $69.86 a barrel on the ICE Futures exchange. Despite the threat of hurricanes, energy markets have reacted to the contrary and fallen recently, as the market expects that credit might be tightened to an extent that will restrain growth. The end of the summer season and forecast of mild temperatures from September to November, resulting in a delayed winter; are also affecting prices the head southward will have a late start.
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