Crude traded below $84 per barrel today after good support from the US economy on signs of continued recovery; where the market is still expected to fluctuate with tight range and low volume today due to Thanksgiving holiday in the second largest energy consumer in the world.Crude today hovers around $84 per barrel recording its highest around $84.33 and lowest around $83.43, while it currently is trading around $83.57 per barrel.
Moreover, the rise in US stock markets yesterday was sparked by the positive signs from the second largest energy consumer in the world, alongside sustaining traders' hopes regarding oil demand further improving in the near future.
Crude yesterday traded around $81 per barrel recording its highest around $84.22 and lowest around $80.94 per barrel, closing around $84.21 per barrel. Crude climbed as US reports showed an improvement in consumer sentiment and employment, thereby boosting confidence around the world and pushing commodities up. However, the Korean attacks seem to be closely eyed by investors' as events unravel and accordingly commodities maybe affected by the outcome.
The EIA report yesterday showed gloomy results, where inventories had risen by one million barrels, and remain above the medium term average range for this time of year. Meanwhile, gasoline inventories also inclined recording 1.9 MB while distillates that include heating fell by 0.5 MB last week.
As for NYMEX as of 04:39 EST; motor gasoline shed 0.39% recording $220.500 per gallon; heating is trading around $232.150 per gallon losing $0.17; whereas natural gasoline also rose $0.73 to record $4.420. In London, Brent futures declined $0.15 to record $85.710.
