Thursday, 07 February 2013 16:30

"Brent Crude Oil Has Been in an Upward Channel "

Brent crude oil rose above $117 a barrel on Thursday as traders awaited word from the European Central Bank (ECB) on the region's troubled economy while keeping an eye on renewed tensions over Iran's nuclear program.

"Brent has been in an upward channel in the past two weeks. That all comes back to increased investor risk appetite," BNP Paribasanalyst Gareth Lewis-Davies said. "Inflation is non-existent," said Thomas Costerg, an economist at Standard Chartered in London.

The divergence in fortunes of euro zone economies is evident not just in their ability to fund themselves,but in the rates of joblessness seen across the bloc of 330 million people.


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