06 December 2007 21:06 [Source: ICIS news]
HOUSTON (ICIS news)--US West Texas Intermediate (WTI) crude oil for January delivery on the NYMEX closed at $90.23/bbl on Thursday, up $2.74 on the previous close, after experiencing a $4.15 low/high swing during the session.
Weakness the US dollar and fears of winter supply shortages following OPEC’s decision not to raise exports outweighed concerns regarding the ?xml:namespace>
The overall market’s bias had been switching to the downside after WTI lacked the acceleration to challenge the $100.00 barrier.
WTI established an early low of $86.20/bbl and surged to $90.35/bbl before settling just off the top of the range.
ICE Brent followed the trend, establishing a low of $86.56/bbl before surging to $90.68/bbl and settling at $90.18/bbl.
Heating oil for January delivery surged 5.57cents/gal to close at $2.55/gal; while same month gasoline reformulated blendstock of oxygenated blending (RBOB) also rose sharply, settling up 8.43cents/gal at $2.30/gal.
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