Oil Prices Skyrocket in London

It has been uncovered in a new report that oil prices have risen significantly on Tuesday, when a few minutes from the last meeting of the Federal Reserve were being expected on Wednesday with lowered interest rates by the central bank.

However, low rates of interest, as per the findings, are good when it comes to prices of oil. Since, investors are saved from both ways, including safe haven investments such as Treasurys as well as from commodities and oil i. e. riskier assets.

But, it has been found that the prices have instead been increased from $78 in late June to some $96 per barrel now-a-days. The report says that the midday trading in London with the electronic trading on the New York Mercantile Exchange has seen just a 4 cents drop from $96.68 on Monday.

Besides, Brent crude in London has augmented up to $114.48 per barrel. Brent Crude is meant for pricing international varieties of oil. It is being said that investors would from now on be seeking and checking completely new information on U. S. stockpiles of refined and crude products.

President Obama along with UK Prime Minister David Cameron has thus said, "If oil prices rise high enough that they will authorize a release of oil from their strategic reserves".