Crude oil prices recovered from Monday’s sell off, trading in New York and London above $70 a barrel.
Nymex October West Texas Intermediate rose 37 cents to $70.33 a barrel while ICE October Brent jumped 64 cents to $70.29 a barrel. “Despite the sell-off, WTI’s trading range remains intact,” said Edward Meir, of brokerage MF Global.
The market will focus this week on Opec’s meeting on September 9 in Vienna, although most market participants believe the oil cartel will keep its production levels unchanged. Saudi Arabia, the group’s de facto leader, has signalled in the past that it wants oil prices to hover around $70-$80 a barrel.