US crude sets another high; closes at $93.53

29 October 2007 19:40  [Source: ICIS news]

HOUSTON (ICIS news)--US West Texas Intermediate (WTI) crude oil for December delivery on the NYMEX closed at $93.53/bbl on Monday, up $1.67 on the previous close after topping out at $93.80/bbl towards the end of the session.

Reports that Mexico’s crude oil exports have been temporarily suspended due to stormy weather, weakness in the US dollar, and expectations that the Federal Reserve will cut interest rates this week supported the rally and dips were seen as buying opportunities.

Financial institutions have also been buying into commodities and increased activity in crude oil call-options, rather than true supply-and-demand forces, driving prices higher.

ICE Brent for December delivery also surged to establish record highs and closed at $90.32/bbl, up $1.63 on the session after topping out at $90.49/bbl.

Heating oil contracts gained 3.21cents/gal to close at $2.46/gal. Gasoline reformulated blending for oxygenated blendstock (RBOB) also rallied, settling up 5.34cents/gal at $2.33/gal. The delivery month for the refined products will be November until 31 October when the contracts go off the board.

By: Ignacio Sotolongo
+1 713 525 2653

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