NYMEX crude climbed 2.6% from Friday's close to Monday's close or $2/bbl. Japan's 5% GDP increase and improved US retail sales for October plus the fall of the dollar led to the largest rise in six weeks. Gasoline rose 6.6 cents and distillate was also up 6.5 cents. Fundamentals of supply and demand were not in evidence in the buying of futures today.
OPEC says it is happy with prices in the $75 - $78 range.
No comments:
Post a Comment