Crude oil and basic materials are moderately higher early Wednesday, recovering a portion of their recent losses, but gold is taking a breather as the U.S. dollar strengthened against the Euro overnight.
Nymex crude for January delivery currently is $81.73, fluctuating in a tight range after finishing yesterday's floor session at $81.27. Traders have tested the $82 ceiling several times with later bids at cracking that barrier showing little follow-through in advance of the Thanksgiving holiday in the United States. Brent Crude in London is similarly range bound, currently trading at $83.61 a barrel, up $0.43 from Tuesday's settlement.
Oil stocks are firming this morning, with Chevron Corp. ( CVX ) and exploration specialists Schlumberger Ltd. ( SLB ) both edging about 0.15% higher in early pre-trade while Exxon-Mobil Corp. ( XOM ) shook off an initial slide to turn positive at 69.08 in recent minutes.
Nymex December copper and other more active contracts are up about $0.02 around $3.72 a pound although volume is relatively light. Gold is drifting lower, losing about $3 an ounce to $1374.40 for the December contract with little commitment in either direction. Silver also is lower while platinum is up this morning.
Agricultural commodities were stronger this morning, with corn, wheat and soybeans all gaining.
