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Oil prices bounced back Tuesday on measured
confidence in the direction of the euro crisis and expectation the US
central bank will act to support the economy.
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New York's main contract, light sweet crude for delivery in October, added $US1.19, closing at $US86.89 a barrel.
Brent North Sea oil for November climbed $US1.40 to settle at $US110.54 a barrel in London.
"Today we've seen a complete reversal from yesterday, (when) we saw strong sell-offs," said Matt Smith of Summit Energy.
Despite the tense situation in Europe over Greece's debt and bailout program, and S&P's downgrade of Italy late Monday, Smith said, "the focus shifted towards great risk appetite - we are seeing a rally in equities, we're seeing the crude market taking gauge of that".
Commodities generally were rallying as traders also had their eye on the two-day meeting of the US Federal Reserve's policy board which began Tuesday, Smith said.
The Federal Open Market Committee is weighing options to add stimulus to the economy, such as further pushing down long-term interest rates, to stave off any turn toward recession.
Markets did not appear affected by an explosion at Iraq's biggest oil field on Tuesday that sparked fire and a partial halt of crude production.
The blast, which left at least 15 people injured, occurred at a gas compressor at the Rumaila oil field, which runs along Iraq's border with Kuwait and is operated by BP and China's CNPC.
Iraqi oil ministry spokesman Assem Jihad said the fire was finally extinguished at 1600 GMT (0200 Wednesday AEST) after burning for eight hours.
Brent North Sea oil for November climbed $US1.40 to settle at $US110.54 a barrel in London.
"Today we've seen a complete reversal from yesterday, (when) we saw strong sell-offs," said Matt Smith of Summit Energy.
Despite the tense situation in Europe over Greece's debt and bailout program, and S&P's downgrade of Italy late Monday, Smith said, "the focus shifted towards great risk appetite - we are seeing a rally in equities, we're seeing the crude market taking gauge of that".
Commodities generally were rallying as traders also had their eye on the two-day meeting of the US Federal Reserve's policy board which began Tuesday, Smith said.
The Federal Open Market Committee is weighing options to add stimulus to the economy, such as further pushing down long-term interest rates, to stave off any turn toward recession.
Markets did not appear affected by an explosion at Iraq's biggest oil field on Tuesday that sparked fire and a partial halt of crude production.
The blast, which left at least 15 people injured, occurred at a gas compressor at the Rumaila oil field, which runs along Iraq's border with Kuwait and is operated by BP and China's CNPC.
Iraqi oil ministry spokesman Assem Jihad said the fire was finally extinguished at 1600 GMT (0200 Wednesday AEST) after burning for eight hours.
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