01 December 2010 17:54 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for January delivery rose to $86.38/bbl on Wednesday, up $2.27 versus the previous close, in response to a weak dollar and strong manufacturing data from ?xml:namespace>
The rally overshadowed the weekly supply statistics from the Energy Information Administration (EIA) showing a contrary to forecast build in crude stocks.
By 17:20 GMT, January crude had retreated to $86.16/bbl but the bias remained to the upside.
January ICE Brent surged to $88.43/bbl, up $2.51, before retreating towards $88.24/bbl.
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