US crude surges $1.94 on pre-holiday buying

25 November 2009 20:43  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for January delivery settled at $77.96/bbl on Wednesday, up $1.94 versus Tuesday’s close, in response to a slump in the US dollar and a modest rally in the stock market ahead of the Thanksgiving holiday.

The aggressive buying across the energy complex came in after factoring in the weekly supply inventories from the Energy Information Administration (EIA), which revealed a build in crude and gasoline stocks.

January crude spiked to $78.04/bbl, up $2.02, before giving back a small portion of the gains ahead of the closing bell.

NYMEX floor trading will be closed on Thursday for the holiday and will close an hour earlier on Friday.

ICE Brent for January delivery traded up to $78.63/bbl before retreating to close at $78.44/bbl. up $1.98.

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By: Ignacio Sotolongo
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