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Oil Erases Gains, Posts Weekly Drop

November 19, 2011 at 5:57 by Vladimir Vyun

Crude oil rallied yesterday on the good news from Europe, but later erased gains. The European Central Bank agreed to buy bonds of the indebted nations, sending borrowing costs down. The euro advanced and commodities followed. Oil also rallied on the speculation that supply is tight.

Doubts about the debt situation in Europe weren’t gone completely and initial good sentiment quickly waned. This resulted in the first weekly drop of crude in seven weeks.

December futures for delivery crude oil fell $0.81 (0.8 percent) to $98.01 per barrel in electronic trading on NYMEX. The price was down 0.9 percent this week. Brent was little changed at $107.56 per barrel on ICE and fell 0.06 percent this week.

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

4 Responses to “Oil Erases Gains, Posts Weekly Drop”

  1. MK

    Hi, thanks for inputs, Where you predict the crude settlement for dec month?


    enivid Reply:

    Near $100 if we talk about brent.


    MK Reply:

    So does this mean, you are ecpecting narrow gap in brent and nymex! Is this purely on speculation?


    enivid Reply:

    Why do you think that I am “expecting a narrow gap in brent and nymex”?


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