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Crude prices yesterday witnessed a huge leap
www.investing.com/analysis/%CE%94%CE%B9%CE%B1%CF%80%CF%81%CE%B1%CE%B3%CE%BC%CE%AC%CF%84%CE%B5%CF%85%CF%83%CE%B7-%CF%83%CF%85%CE%BD%CE%B1%CE%BB%CE%BB%CE%AC%CE%B3%CE%BC%CE%B1%CF%84%CE%BF%CF%82:-%CE%A4%CE%BF-eur-%CE%B5%CE%BD%CE%B9%CF%83%CF%87%CF%8D%CE%B5%CF%84%CE%B1%CE%B9---18-%CE%99%CE%B1%CE%BD%CE%BF%CF%85%CE%B1%CF%81%CE%AF%CE%BF%CF%85-2013%E2%80%8F-2704
Crude prices yesterday witnessed a huge leap
By | Dec 06, 2007 07:00PM ET Crude prices yesterday witnessed a huge leap to the upside due to many supporting factors which helped it breach the $90.00 per barrel level as worries concerning the supply are pushing prices higher. These concerns are a result of OPEC stating that they will not boost their production and that they see that the supply in the markets is sufficient to meet demand. In addition, the depreciation of the dollar against major currencies supported the incline in dollar backed commodities. Finally Wall Street was able to refresh by the end of its session to give additional background support helping oil show an overall incline of $2.74 per barrel to record a high of $90.73 per barrel and a low of $85.82 per barrel before closing the session at $80.23 per barrel.
Prices today were little changed as it continued to fluctuate around the $90 per barrel level in the early morning session. Traders are locking in on their profits slightly after the gain crude witnessed yesterday. Crude opened today at $90.53 per barrel to record a high of $90.62 per barrel before declining to record a low of $89.73 per barrel.
The EIA weekly petroleum report was released on Wednesday showing a drop in crude inventories by 8 million barrels last week which was way more than the expected 700,000 barrel decline. Supplies of gasoline inclined by 4 million barrels as well as distillate inventories which rose by 1.4 million barrels. Refinery utilization remained unchanged at 89.4%.
OPEC decided last Wednesday that it will not boost its output production in their meeting which was held in Abu Dhabi. The decision came against what consumer countries were hoping for since prices inclined to near the $100 per barrel level making it a logical target.
Today during the early morning, a crane carrying vessel slammed into an oil tanker off of South Korea's west coast resulting in a massive spill in what was believe to be more than 66,000 barrels. Coast guards initially said about 110,000 barrels had leaked but was then lowered to about 66,043 barrels. This accident is seen to be the largest offshore oil leak in South Korea. However, the damage caused by spill was not immediately clear.
| Support | 89.47 | 88.90 | 88.25 | 87.56 | 86.89 |
| Resistance | 90.00 | 90.81 | 91.15 | 91.82 | 92.27 |
Recommendation |
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Crude prices yesterday witnessed a huge leap
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