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Crude Oil Weakens After Earlier Gains, Natural Gas Rallies

November 23, 2015 at 20:28 by Vladimir Vyun

Crude oil weakened after the initial gains during the Monday’s trading session. The commodity climbed earlier as Saudi Arabia pledged to work with other major oil producers to support prices. Yet January futures for delivery of WTI crude oil slipped 0.38 percent to $41.74 per barrel as of 20:18 GMT on NYMEX today. Brent crude gained 0.29 percent to $44.79 per barrel on ICE.

Meanwhile, futures for natural gas demonstrated a substantial rally. Yet experts say that prices would have hard time to maintain the upward momentum due to US sizeable inventories and the forecast of warm weather during the coming winter. Contract for delivery of natural gas in December jumped 3.03 percent to $2.21 per million British thermal units on NYMEX today.

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

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