Oil prices rose 1 percent on Thursday, following the rally in the US stock market, one day after Wall Street's biggest fall since 2011, while Saudi Arabia's energy minister said major producers may have to intervene in crude markets to support prices.
Brent crude <CLc1> was up 72 cents to settle at $ 76.89 a barrel as US stocks rose on strong corporate earnings. Global benchmark crude has lost about $ 10 a barrel since hitting a record high of $ 86.74 on October 3. US crude rose 51 cents to settle at $ 67.33 a barrel.
On the Wall Street, the Dow Jones industrial average rose 1.6 percent and the S & P 500 gained 1.8 percent as companies such as Microsoft Software, Ford Motor Co. and social media company Twitter reported strong third-quarter earnings, reducing some concerns that slowing growth will affect Negatively affect oil demand.
Crude prices also received support from Saudi Energy Minister Khalid al-Falih, who said there may be a need to intervene to reduce oil stocks after increases in recent months.
OPEC's governor said the oil market could face oversupply in the fourth quarter.
"We believe that the market may turn in the fourth quarter towards a speculative situation, as indicated by the rise in stocks over the past few weeks," Adeeb al-'Aami told Reuters.
Brent crude <CLc1> was up 72 cents to settle at $ 76.89 a barrel as US stocks rose on strong corporate earnings. Global benchmark crude has lost about $ 10 a barrel since hitting a record high of $ 86.74 on October 3. US crude rose 51 cents to settle at $ 67.33 a barrel.
On the Wall Street, the Dow Jones industrial average rose 1.6 percent and the S & P 500 gained 1.8 percent as companies such as Microsoft Software, Ford Motor Co. and social media company Twitter reported strong third-quarter earnings, reducing some concerns that slowing growth will affect Negatively affect oil demand.
Crude prices also received support from Saudi Energy Minister Khalid al-Falih, who said there may be a need to intervene to reduce oil stocks after increases in recent months.
OPEC's governor said the oil market could face oversupply in the fourth quarter.
"We believe that the market may turn in the fourth quarter towards a speculative situation, as indicated by the rise in stocks over the past few weeks," Adeeb al-'Aami told Reuters.
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