Oil Rises. Can It Keep Gains?
Crude oil rose today on speculations that refineries will open soon as Hurricane Sandy recedes. The cyclone passed the United States and it is time to assess damage and reopen businesses. Analysts expect that energy prices will go up as soon as consumption resumes.
Trading remained slack as US markets, including NYMEX, were closed for the second day (though electronic trading was still operational). Additionally, the US Energy Information Administration may postpone its weekly report about oil inventories. Crude started today’s trading session well, but the rally quickly stalled and currently moves to the downside. The commodity may yet erase its gains.
Crude oil (light sweet) rose from $85.26 to $85.58 per barrel as of 20:25 GMT today after touching the daily high of $86.23. Brent crude fell $0.56 (0.51 percent) to $108.88 per barrel on ICE.
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