30 January 2007 18:57 [Source: ICIS news]
HOUSTON (ICIS news)--US oil climbed by more than $2 to an intra-day high of $56.60/bbl for March delivery during early trading on the NYMEX on Tuesday in anticipation of OPEC’s implementation of a second round of production cuts on 1 February in order to prop up prices.
Both heating oil and gasoline rallied sharply on the NYMEX ahead of the February contract expiration at the end of the session.
The market also responded to the initial forecast for the weekly supply statistics to be released on Wednesday showing a drawdown in distillate inventories.
March WTI established an early low of $54.45/bbl but speculative buying drove the front month up to $55.60/bbl before retreating slightly on profit-taking.
On ICE futures, Brent followed a similar pattern, rising to $56.10/bbl before consolidating.
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