US WTI spikes $2.74 on speculative buying

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 US economy.

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.

By: Ignacio Sotolongo
+1 713 525 2653

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