US crude rallies $1.03 on profit taking

17 January 2007 22:08  [Source: ICIS news]

HOUSTON (ICIS news)--US oil rose $1.03 to $52.24/bbl on the NYMEX on Wednesday; rebounding from 20-month lows as market speculators took profits on the back of support provided by expectations of cold weather in the US northeast.

West Texas Intermediate (WTI) for February delivery made an intra-day low of $50.60/bbl before rising to $52.30/bbl and settled just off the top of the range.

The February contract will expire on 22 January.  March WTI settled at $53.13/bbl, up $1.17.

The weekly supply statistics from the Department of Energy (DoE), which will be released on Thursday, were forecast to show a build in crude and refined products.

On ICE Futures, March Brent settled at $52.78/bbl, up $1.16.

By: Ignacio Sotolongo
+1 713 525 2653

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