Crude prices bounce back ahead of US stock data
22 December 2009 19:15 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures posted gains of more than $1/bbl on Tuesday to take the front month February contract close to $75.00/bbl - on the back of expectations that the weekly US stock figures would show draws on both crude and distillates at a time of cold weather.
Earlier in the day, crude prices had briefly posted losses after OPEC announced that it was leaving production levels unchanged, while a stronger US dollar added further downward pressure.
By 18:50 GMT, February NYMEX crude had hit a high of $74.82/bbl, a gain of $1.10/bbl from the Monday close of $73.72/bbl, before easing back to around $74.75/bbl.
At the same time, February Brent crude on ICE futures was trading around $73.90/bbl, having hit a high of $73.94/bbl, a gain of 95 cents/bbl from the previous close.
To discuss issues facing the chemical industry go to ICIS connectAuthor: Tony Dillion
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