QE3 Continues to Draw Oil Prices Up

Reuters reported that prices for Brent oil futures and US crude both increased due to continued expectations of QE3, although they were curbed by higher August OPEC production and increased US production following Hurricane Isaac.

As quoted in the market news:

Brent October crude rose 20 cents to $115.01 a barrel by 11:37 a.m., having traded from $114.37 to $115.20. The Brent October contract expires on Thursday.

U.S. October crude rose 54 cents to $97.08 a barrel, pushing back above the 200-day moving average of $96.61, a closely watched technical indicator.

The $97.31 session high was still almost a dollar below the $98.29 intraday peak from August 23. Prices fell to $93.95 on August 23 and have remained in the $94-$98 range since.

Click here to read the full Reuters report.