EIA stock draws take crude to two-year highs above $88/bbl

10 November 2010 17:26  [Source: ICIS news]

LONDON (ICIS)--NYMEX light-sweet crude futures gained more than $1/bbl on Wednesday to take the front-month December contract to new two-year highs above $88/bbl.

Prices rose after the weekly US stock data from the Energy Information Administration (EIA) showed an unexpected draw in crude and a larger-than-anticipated draw in distillates.

By 16:55 GMT, December NYMEX crude gained $1.30/bbl from the previous close of $86.72/bbl to hit a high of $88.02/bbl, before easing back to around $87.95/bbl.

At the same time, December Brent crude on the ICE futures exchange was trading around $89.20/bbl, having hit a high of $89.24/bbl, which was a gain of $0.91/bbl from the previous close.

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By: Tony Dillon
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