The prices of light crude oil rose for the first time in five days after it fell below $ 75 a barrel for the first time since October 13. This raw material prices made attractive as an alternative investment, said Bloomberg. Today’s move offers a wide range between $ 75 and $ 81 per barrel. “For some time the markets began to get used to the volatility of prices between $ 75 and $ 80 a barrel, but when a quote is closer to the lower limit, the players react immediately, buy items and the price returns to higher levels,” commented the market situation David Moore, commodity markets analyst at Commonwealth Bank of Australia. Lightest crude oil for delivery in January rose by 46 cents, or 0.6 percent, reaching $ 74.39 a barrel in electronic trading on the New York Mercantile Exchange. Yesterday marked the raw material to its lowest level since $ 73.93 a barrel, having dropped very quickly with $ 1.54, or 2% per cent, compared to the price at which stock exchanges closed at the end of last week. One of the reasons oil is cheaper to the statement of the President of the U.S. Federal Reserve Ben Bernanke, who said that the U.S. economy will have problems in three directions – the labor market, tight arrangements for lending and the availability of huge quantities of stocks of fuel in reduced demand.
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