Oil rises as traders await Bernanke's speech

26-Aug-11

Oil prices were up significantly as traders await Federal Reserve chairman Bernanke's speech to the central bank's annual retreat, and on fears that Hurricane Irene could disrupt supplies along the East Coast. Bernanke's speech will be examined for whether he suggests further monetary-policy to improve US economy. Meanwhile ongoing battles in Libya further strengthens the oil market as analysts suggest that the petroleum-rich country may take longer than expected to get its crude production facilities back on track. Crude on Nymex for delivery in October inched up to close at US$85.3 a barrel. In London, Brent North Sea crude for October settled at US$110.6 a barrel on the ICE.