US crude closes at $95.46 on volatile session

08 November 2007 20:42  [Source: ICIS news]

HOUSTON (ICIS news)--US West Texas Intermediate (WTI) crude oil for December delivery on the NYMEX closed at $95.46/bbl on Thursday, down 91 cents on the previous close following an extremely volatile session.

An early high of $97.70/bbl was made in response to reports of oil production cuts in the North Sea as a result of stormy weather and a fire at a Texas refinery.

The rally was capped and aggressive selling entered the market following comments by US Federal Reserve Chairman Ben Bernanke that economic growth was at risk.

An intra-day low of $95.25/bbl was made before WTI rebounded slightly ahead of the closing bell.

ICE Brent for December delivery also bounced around but lagged behind its American counterpart. The North Sea benchmark closed at $92.79/bbl, down 45 cents on the session.

On Wednesday, WTI surged to a record $98.62/bbl during electronic trading, with market participants anticipating a test of $100.00/bbl based on rising positions in crude futures call-options for December at that strike price.

By: Ignacio Sotolongo
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly