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Crude Extends Rally on Good Signs from Europe & USA

November 29, 2011 at 23:14 by Vladimir Vyun

Crude oil rallied today on the good news from Europe and the United States. Earlier, crude dropped on the speculation that the US inventories increased last week.

Italy auctioned its debt today and the results were good, nothing like the disastrous outcome of the German auction. The confidence of the US consumers improved as was shown by the index that rose from 40.9 in October to 56.0 in November.

The Organization of Petroleum Exporting Countries said that it’s going to keep the quotas at the current level. The protests in Iran may lead to disruption of supply.

January futures for crude oil delivery gained $1.58 to $99.79 per barrel on NYMEX. Brent oil was up from $108.52 to $110.44 per barrel as of 23:02 GMT today on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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