Monday, October 25, 2010
Commodity Corner: Crude Oil Rises on Dollar Decline
Contributing to the bullish sentiment for oil was a report showing that existing home sales in the U.S. increased 10% last month. According to the National Association of Realtors, a housing recovery is occurring albeit in the early stages. An official with the trade group said the duration and impact of a foreclosure moratorium will influence how "choppy" the recovery will be. December crude traded from $81.45 to $83.28 Monday.
Labor unrest at French refineries and fuel depots is expected to reduce gasoline exports to the U.S. market. As a result, November gasoline futures rose two cents to settle at $2.08 a gallon. Gasoline peaked at $2.10 and bottomed out at $2.05.
Coutesy of Rigzone.Com