Oil prices rebounded this evening as traders responded to positive company results and rising stock markets. US crude rose 84 cents to $64.82 a barrel, while Brent North Sea crude gained 83 cents to $67.27.
Wall Street rose this afternoon as another batch of better than expected company results stoked investor hopes that the economy is heading for an exit from recession. This would improve the demand outlook for oil.
Meanwhile, traders were keeping an eye on Iran, where disputed election results have threatened the stability of the oil-producing nation.
The Islamic republic produces about 3.8 million barrels of crude per day and is the third biggest global oil exporter after Russia and OPEC kingpin Saudi Arabia. Iranian hardliners today denounced a call by reformists for a referendum to resolve the deepening political crisis.
