Oil prices rise for a fourth month in a row, inspired by the Federal Reserve’s move last week to stimulate the US economy.
The Fed announced its third Quantitative Easing, a name dubbed for purchasing bonds, in a bid to boost economic growth.
Brent crude for November delivery was up 26 cents at $116.92 a barrel, while US crude was up 1 cent to $99.01.
“A price rally like we are seeing now is only going to do more damage,” said Victor Shum, managing director of consultancy HIS Purvin & Gertz.
“Fundamentals at the moment are not indicative of these prices, and I don’t see oil being able to sustain this rally.”
