24 November 2010 20:48 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for January delivery settled at $83.86/bbl on Wednesday, up $2.61, tracking a rally in the stock market and triggering a round of short covering ahead of the Thanksgiving holiday weekend.
The market shrugged off Wednesday’s supply statistics from the Energy Information Administration (EIA), which reported a build in oil inventories.
Gasoline reformulated blendstock for oxygenate blending (RBOB) prices on the NYMEX also surged even though the EIA statistics also revealed a build in stocks, which was contrary to expectations.
Economic data showing a rise in consumer spending and a drop in weekly unemployment benefit claims supported the advance in the stock market.
Despite the euro turning negative against the dollar, January crude rose to $83.97/bbl before retreating ahead of the closing bell.
January ICE Brent established a high of $85.94/bbl before closing at $85.84, up $2.59.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|