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 ?xml:namespace>
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
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.
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