US crude rises to $90.06/bbl in choppy action

07 October 2008 21:19  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for November delivery settled on Tuesday at $90.06/bbl, up $2.25 versus Monday’s close.

Sentiment that Monday’s losses had been overdone attracted overnight buying. The market spiked on reports that Iran had forced down a US aircraft, although this was eventually denied.

Actions by Australia’s central bank and by the US Federal Reserve (Fed) also provided early support.

The surge lifted November crude up to $93.02/bbl before the rally was capped, and selling entered the market.

A choppy US dollar and a volatile stock market caused the energy complex to bounce around. An intra-day low of $87.87/bbl was eventually made before market speculators stepped back in, and the losses were wiped out.

ICE Brent for November delivery peaked at $87.99/bbl and settled at $84.66/bbl, up 98 cents from Monday.

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By: Ignacio Sotolongo
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