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Oil prices holding up well despite troubles

15th August 2012

Despite investor weariness about further conflict in the Middle East, oil prices are holding up well.

With the global economic downturn, the demand for the commodity is less than in the past, but oil prices are up for the third time in six weeks - mainly become there is traders expect to see Central Banks take action in the near future.

Brent crude oil hit $115 earlier this week - the highest level it has been for three months and a 30 per cent increase since the start of June, reports Reuters.

Prices are also being buoyed by a forecasted reduction in supply, especially from the North Sea where planned maintenance next month will cut production from some British and Norwegian crude oil streams by 17 per cent.

It is thought for the high price to remain the US Federal Reserve will soon start a quantitative easing programme - something which the Bank of England has also hinted it will do.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.