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High Oil Price Shooting in the Arm for Global Markets

in International Business

High Oil Price Shooting in the Arm for Global Markets

Oil prices rise for a fourth month in a row, inspired by the Federal Reserve’s move last week to stimulate the US economy.

The Fed announced its third Quantitative Easing, a name dubbed for purchasing bonds, in a bid to boost economic growth.

Brent crude for November delivery was up 26 cents at $116.92 a barrel, while US crude was up 1 cent to $99.01.

“A price rally like we are seeing now is only going to do more damage,” said Victor Shum, managing director of consultancy HIS Purvin & Gertz.

“Fundamentals at the moment are not indicative of these prices, and I don’t see oil being able to sustain this rally.”

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