MW: Crude oil future edge higher after approaching four-year low
By Simon Kennedy
LONDON (MarketWatch) -- Crude oil futures nudged higher in electronic trading early Friday after oil recorded its lowest closing level since January 2005 on the New York Mercantile Exchange. Crude for January delivery rose 33 cents to $44.00 a barrel early Friday. "Given the rate at which we are selling off, we shudder to think where crude oi prices will be when the boys from OPEC get together in twelve days time," said MF Global analyst Edward Meir. "There simply is very little buying coming into the market, as we saw yesterday, when prices hit four-year lows despite the cartel's attempt to jawbone prices higher."
