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Oil ends higher on investors' buying
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10:57, September 26, 2009

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Crude prices ended higher on Friday after two sessions of steep falls gave investors a good opportunity to buy in.

Light, sweet crude for November delivery traded up 13 cents to settle at 66.02 dollars a barrel on the New York Mercantile Exchange. However, the futures still posted an 8.4-percent sharp loss for the week, the biggest weekly drop since July.

Investors began to buy in oil futures as most of them viewed this week's slump as excessive, giving support for the price of oil.

Oil also got boosted after U.S. President Barack Obama and the leaders of France and Britain issued a stern warning to Iran on its nuclear program, spurring concerns about the oil-rich Middle East region.

In London, Brent Crude for November delivery gained 29 cents to settle at 65.11 dollars a barrel on the ICE Futures exchange.

Source:Xinhua



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