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Wednesday, November 12, 2014

Crude ends 0.6% higher

Markets continue to look for cues that could drive prices higher 


Crude-oil futures were choppy on Tuesday, 11 November 2014 at Nymex after sharp overnight losses as markets continue to look for cues that could drive prices higher. Weak dollar managed to push prices higher though. 

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $77.87 a barrel, higher by 0.6%. 

Meanwhile, weekly U.S. oil inventory data will be delayed by a day due to the Veterans Day holiday. On tap Wednesday is the launch of the International Energy Agency's world energy outlook report for 2014 that will provide investors with a long-term view of energy markets. Any surprise changes in forecasts may affect oil prices. 

It was a quieter trading day in the market place Tuesday, due to the U.S. Veterans Day holiday that had the U.S. government closed. U.S. stock indexes were firmer and are hovering at or near their record or multi-year highs. 

The modest 0.3% retreat in the Dollar Index helped commodities including crude oil gain.
Among other energy products, Nymex reformulated gasoline blendstock for December fell 19 points to $2.0992 a gallon, while December diesel traded at $2.4559, 134 points lower. 

Natural gas also found a session bottom in overnight trading, hitting a low of 4.121 before trending higher. 
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