Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Crude Oil Erases Losses After Sandy Passes

November 6, 2012 at 0:08 by Vladimir Vyun

Crude oil rose today, erasing earlier losses, as US refineries continue to return to work after Hurricane Sandy has passed. Some refineries remain closed, but will restart their operation in the near future. That will lead to increasing demand for crude.

Earlier, oil declined as traders remain worried about Europe, particularly Greece. Uncertainty, that the upcoming presidential election in the United States bring to markets, was also not good for commodities. On top of that, some analysts claim that the impact of Sandy was quite small relatively to the global supply of crude.

December futures for delivery of WTI crude oil rose $0.14 (0.16 percent) to $85.79 per barrel on NYMEX today. December contract for Brent crude advanced as much as $2.05 (1.94 percent) to $107.73 per barrel on ICE.

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

Leave a Reply