Oil Market Recovers from Losses

According to Xinhua, Thursday saw a recovery for crude oil prices, but the appreciation was limited due to the large and looming losses over the past and the current economic rift of the United States and Europe. 

However, economic and oil price analysts don't see any positive results in the next few weeks. They are still negative on the impact of the economic shutdown happening across big powerhouses. 

Investors have major concerns on the "fiscal cliff" with the re-election of President Barack Obama. They foresee tremendous problem on the increased spending habit the US, including bailouts and large money feeding to the market. 

With the impact of Hurricane Sandy, those who are applying for unemployment will surely rise in the next week. Companies across New Jersey and New York are greatly affected by the storm the ravaged metro cities, including New York. 

The European Central Bank maintains its interest rate at 0.75 percent seeing a still weak European economy and the economic outlook still uncertain on recovering. 

Last December, the New York Mercantile Exchange reported a 65 cents increase, raising the price to $85.09 per barrel. While Bent traded crude oil at $107.20 at the same time. 

Read more here: http://news.xinhuanet.com/english/business/2012-11/09/c_123932053.htm.