Corrected: Crude oil futures pull back after reaching two-year high

05 November 2010 10:32  [Source: ICIS news]

Correction: In the ICIS news story headlined “Crude oil futures pull back after reaching two-year high” dated 5 November 2010, please read in the third paragraph … from the previous close of $88.00/bbl … instead of … close of $80.00/bbl …. A corrected story follows.

LONDON (ICIS)--Crude oil prices on Friday lost momentum and dropped marginally into negative territory after reaching a two-year high as a result of the previous day’s announcement from the US Federal Reserve that it will inject more money into the American economy.

The Fed’s move led to falls in the US dollar and gains in the stock markets. Both of these factors supported the crude markets.

Brent crude on the ICE futures exchange reached a high of $88.80/bbl during early trading, up $0.80/bbl from the previous close of $88.00/bbl.

By 10:05 GMT, December Brent crude dropped and was trading at around $87.72/bbl, down $0.28/bbl from the previous close.

At the same time, December NYMEX light-sweet crude futures were trading around $86.36/bbl, having hit a high of $87.22/bbl, which was a gain of $0.73/bbl from the previous close.

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By: Giovanni Coiro
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