Oil trades near four-month low

The Pak Banker - - Front Page -


Oil traded near the low­est level in al­most four months in New York amid con­cern that Greece will strug­gle to se­cure an­other bailout and un­cer­tainty over who will win to­mor­row's U.S. pres­i­den­tial elec­tions.

West Texas In­ter­me­di­ate fu­tures were lit­tle changed af­ter fall­ing 2.6 per­cent on Nov. 2 to cap a third weekly de­cline. Brent crude fell be­low $105 a bar­rel in Lon­don for the first time since Aug. 2. Vot­ers de­cide to­mor­row be­tween giv­ing Pres­i­dent Barack Obama an­other four years in of­fice or chang­ing course with Repub­li­can chal­lenger Mitt Rom­ney.

"Some clar­ity for the medium-term would be good for the mar­kets," said Eu­gen Wein­berg, head of com­modi­ties re­search at Com­merzbank AG in Frankfurt, who pre­dicts Brent crude will re­bound to­ward $110 a bar­rel this month. "Obama is con­sid­ered by the oil mar­kets as be­ing more favourable."

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