Crude oil prices settled higher on signs of bullish Chinese demand while geopolitical uncertainty in the Middle East raised the threat of supply disruptions.

On the New York Mercantile Exchange crude futures for November delivery rose 1.7% to settle at $51.45 a barrel, while on London’s Intercontinental Exchange, Brent added 63 cents to trade at $56.88 a barrel.

Chinese crude imports rose by roughly 1 million barrels per day (bpd) to 9 million bpd in September, data showed on Friday. That eased investor concerns that global demand is set to weaken over the next year.

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Source: http://www.fxters.com/wti-crude-oil-forecast-october-16th/

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