Crude Oil
US crude oil prices rose for the first day in six as US inventories fell. US crude oil stocks surprisingly fell by 2.2 million barrels - analysts had tipped a gain of 1.5mb. The Nymex crude oil contract rose by US$1.79 or 2.1pct to US$85.84 a barrel and London Brent crude rose by US$1.43 to US$86.15 a barrel.
Oil prices were higher last night during USA session, also benefiting from the soft tone of the USD and positive vibes emanating from international equity markets. NYMEX light sweet crude (December 2009 contract) settled at around USD78.89/b.
The Gold price ratcheted higher still, benefiting from investment flows associated with USD weakness.
Crude Oil prices fell 3% to USD 76.93/bbl last night after the Energy Information Administration’s weekly inventory report showed a 1.8 million barrel increase in US crude oil inventories, more than had been expected by the market. Refiners cut production on weak end demand.
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