|
(Bloomberg) -- Crude traded little
changed within 1 percent of a two-year high as economic growth in the U.S. and
colder temperatures in the northern hemisphere whittle down excess fuel
stockpiles.
Futures climbed as much as 0.3 percent after government reports yesterday
showed U.S. crude supplies fell last week to the lowest in 10 months and gross
domestic product expanded 2.6 percent in the third quarter. Oil rose as high as
$90.80 yesterday, the strongest since Oct. 8, 2008.
“Weather in the U.S. and Europe is supportive, and we had another big
inventory drop,” said Tobias Merath, head of commodities at Credit Suisse Group
in Zurich. “But these are mostly temporary factors, and when these fade I see a
risk we’ll move to the mid-$80s at the beginning of next year.”
Crude for February delivery rose as much as 31 cents to $90.79 a barrel
in electronic trading on the New York Mercantile Exchange. It was at $90.46 at
1:29 p.m. London time. Brent crude for February settlement was down 1 cent at
$93.64 a barrel, after climbing as much as 0.3 percent to $93.91 on the
London-based ICE Futures Europe exchange.
mrcplast.com
|
