US crude rises $1.26/bbl on pre-weekend buying

03 November 2006 21:53  [Source: ICIS news]

HOUSTON (ICIS news)--West Texas Intermediate (WTI)  crude for December delivery rose $1.26 to $59.14/bbl on the New York Mercantile Exchange (Nymex) on Friday as market speculators bought on reports of supply threats.

Oil prices started to rally following reports of a bomb threat against a BP refinery in Indiana. The gains were extended after the US Consulate warned that Nigerian militant groups were planning bombings and abductions in the Niger Delta.

During the session, front month crude bottomed out at $58.30/bbl before rising to $59.35 and giving back some of the gains ahead of the closing bell. On Thursday, WTI had settled at $57.88/bbl, down 83 cents.

December Brent crude on the Intercontinental Exchange gained $1.28 to settle at $59.15/bbl.

By: Ignacio Sotolongo
+1 713 525 2653

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