Crude oil was up near $80 per barrel after home prices in the US were up and reports showed that crude stockpiles were on the drop. This has led to the belief that the US, which uses the maximum energy in the world, has started to recover from the worst slowdown in the last 80 years.
According to reports, crude oil was up by 1.1 percent yesterday as home prices went up in comparison to last month. Reports by the American Petroleum Institute stated that crude stockpiles reduced to 339.5 million, a fall of 1 percent. Oil had reached a year-high of $82 per barrel on October 21.
Experts analyzed that oil prices are slated to go up as long as there is stability in the equities market, adding that it also depended on whether people perceived that the global economy is likely to grow in the near future.
The Organization of Petroleum Exporting Countries said that they will increase oil output if a shortage occurs. To discuss the matter of production and the targets to be set, the 12 member countries are scheduled to meet in Luanda, Angola on December 22.
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