17 October 2008 21:23 [Source: ICIS news]
HOUSTON (ICIS news)--NYMEX light sweet crude futures for November delivery settled on Friday at $71.85/bbl, up $2.00 versus Thursday’s close, after attracting pre-weekend buying after losing over $10.00 during the three previous sessions.
November crude established a high of $74.30/bbl on profit taking and partially responding to the announcement that OPEC had advanced its emergency meeting to 24 October, presumably to cut production to support prices.
The stock market and the US dollar also experienced a volatile session, with rallies kept in check by recession fears and declining demand.
NYMEX crude established an intra-day low of $69.84/bbl before the dip attracted aggressive buying.
ICE Brent for December delivery topped out at $71.90/bbl and settled at $69.60/bbl, up $1.76.
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