Oil Trades Above $74 on Speculation Supplies Dropped Last Week

Oil held steady above $74 a barrel in New York before a U.S. Energy Department report likely to show crude stockpiles fell last week as temperatures dropped. The report today is expected to show oil inventories in the U.S., the world’s biggest energy consumer, shrank by 1.6 million barrels in the week ended Dec. 18, according to the median estimate of 16 analysts polled by Bloomberg News. Data from the industry funded American Petroleum Institute yesterday showed commercially held U.S. inventories fell by 3.71 million barrels.

“Due to cold weather, we are seeing stock draws in crude and that is the supporting factor these days,” said Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich. “It brings the inventory levels nearer to the five year average.” Crude oil for February delivery rose as much as 47 cents, or 0.6 percent, to $74.87 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $74.66 as of 10:36 a.m. London time. Futures closed yesterday at $74.40, the highest settlement since Dec. 4. There will be no trading on Dec. 25 for Christmas and on Jan. 1 for New Year’s Day.....Read the entire article.


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Crude Oil and Natural Gas Technical Outlook For Wednesday Morning

Nymex Crude Oil (CL)

Crude oil's recovery from 68.58 is still in progress and further rise cannot be ruled out. But still, upside is expected to be limited by 61.8% retracement of 82.0 to 68.58 at 76.87 and bring resumption of the fall from 82.0. On the downside, below 71.21 will indicate that recovery from 68.58 has completed and will flip intraday bias for this support first. Break will target 65.05 key support next. However, decisive break of 76.87 fibo resistance will argue that fall from 82.0 has completed and will turn focus back to this resistance.

In the bigger picture, at this point, crude oil is still limited by 55 days EMA (now at 74.47) and hence, we're favoring the case that medium term rise from 33.2 has completed at 82.0 with bearish divergence condition in daily MACD. Another fall is expected after finishing the current recovery from 68.58 and a break there will target 58.32 cluster support (50% retracement of 33.2 to 82 at 57.60). Break there will confirm this bearish case and indicate that the down trend from 147.27 might be resuming for another low below 33.2. However, sustained trading above mentioned 76.87 will dampen this bearish view and argue that another high above 82.0 might be seen before crude oil tops in 76.77/90.24 fibo resistance zone.....Nymex Crude Oil Continuous Contract 4 Hours Chart.

Nymex Natural Gas (NG)

Natural gas' consolidation from 5.929 is still in progress and intraday bias remains neutral for the moment. More sideway trading should be seen with risk of another fall to 4 hours 55 EMA (now at 5.535) and below. But downside is expected to be contained well above 4.837 support (61.8% retracement of 4.157 to 5.929 at 4.834) and bring rally resumption. Above 5.930 will target 38.2% retracement of 13.694 to 2.409 at 6.72 next.

In the bigger picture, medium term fall from 13.69 is treated as part of the long term consolidation pattern that started at 15.78 back in 2005 and might have completed at 2.409 already. Rise from 2.409 should not be completed yet and we would continue to anticipate an upside breakout of the recent range of 4.157/5.138 eventually. Above 5.318 will target 38.2% retracement of 13.694 to 2.409 at 6.72 and beyond. Nevertheless, break of 4.432 support will dampen this bullish case and turn outlook mixed again.....Nymex Natural Gas Continuous Contract 4 Hours Chart.

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CNBC Video: Crude Oil Predictions for 2010

John Licata, chief investment strategist at Blue Phoenix Inc tells CNBC's Sri Jegarajah and Karen Tso that he sees the price for crude at $87/barrel by the later half of 2010.




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Crude Oil Closes Higher, Ending Two Day Correction

Crude oil closed higher on Tuesday ending a two day correction. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 75.45 are needed to confirm that a short term low has been posted. If January resumes the decline off October's high, the 87% retracement level of this fall's rally crossing at 68.16 is the next downside target.

First resistance is the 20 day moving average crossing at 75.45
Second resistance is last Friday's high crossing at 74.69

First support is the 10 day moving average crossing at 73.27
Second support is last Monday's low crossing at 68.59

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Natural gas closed higher due to short covering on Tuesday as it consolidated some of Monday's decline. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought and are turning bearish signaling that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 5.149 would temper the near term friendly outlook in the market. If January extends this month's rally, the 87% retracement level of this fall's decline crossing at 6.036 is the next upside target.

First resistance is Monday's high crossing at 5.929
Second resistance is the 87% retracement level of this fall's decline crossing at 6.036

First support is the 10 day moving average crossing at 5.459
Second support is the 20 day moving average crossing at 5.149

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The U.S. Dollar closed higher on Tuesday as it extends this month's rally. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If March extends its current rally, the 38% retracement level of the 2008-2009 decline crossing at 79.72 is the next upside target. Closes below the 20 day moving average crossing at 76.44 would temper the near term friendly outlook in the Dollar.

First resistance is today's high crossing at 78.77
Second resistance is the 38% retracement level of the 2008-2009 decline crossing at 79.72

First support is the 10 day moving average crossing at 77.45
Second support is the 20 day moving average crossing at 76.44

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Oil Falls as U.S. Growth Revised Lower, OPEC Maintains Quotas

Crude oil fell after the U.S. economy expanded at a slower pace than anticipated in the third quarter and OPEC agreed to maintain production targets. Oil slipped after the Commerce Department said that the gross domestic product grew 2.2 percent from July through September, down from a 2.8 percent gain previously reported. The Organization of Petroleum Exporting Countries will hold quotas at 24.845 million barrels a day. “This was a significant revision,” said Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant. “This should weigh on prices.”

Crude oil for February delivery dropped 47 cents, or 0.6 percent, to $73.25 a barrel at 10:14 a.m. on the New York Mercantile Exchange. Prices are up 64 percent this year. This was the fourth time this year that OPEC ministers met without revising production figures. Today’s meeting was held in Luanda, Angola. Rising prices have encouraged some OPEC members to renege on their pledge in 2008 to reduce output by 4.2 million barrels a day. Members complied with 58 percent of cuts in November, down from 60 percent the previous month, according to International Energy Agency estimates.....Read the entire article.


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Crude Oil and Natural Gas Technical Outlook For Tuesday Morning

Nymex Crude Oil (CL)

With 71.21 minor support intact, crude oil's recovery from 68.58 might still extend further. But after all, upside is expected to be limited by 61.8% retracement of 82.0 to 68.58 at 76.87 and bring resumption of the fall from 82.0. On the downside, below 71.21 will indicate that recovery from 68.58 has completed and will flip intraday bias for this support first. Break will target 65.05 key support next. However, decisive break of 76.87 fibo resistance will argue that fall from 82.0 has completed and will turn focus back to this resistance.

In the bigger picture, at this point, crude oil is still limited by 55 days EMA (now at 74.47) and hence, we're favoring the case that medium term rise from 33.2 has completed at 82.0 with bearish divergence condition in daily MACD. Another fall is expected after finishing the current recovery from 68.58 and a break there will target 58.32 cluster support (50% retracement of 33.2 to 82 at 57.60). Break there will confirm this bearish case and indicate that the down trend from 147.27 might be resuming for another low below 33.2. However, sustained trading above mentioned 76.87 will dampen this bearish view and argue that another high above 82.0 might be seen before crude oil tops in 76.77/90.24 fibo resistance zone.....Nymex Crude Oil Continuous Contract 4 Hours Chart.

Nymex Natural Gas (NG)

With 4 hours MACD crossed below signal line, an intraday top should be in place at 5.929 and bias is turned neutral for the monument. Some consolidations could be seen with risk of retreat to 4 hours 55 EMA (now at 5.499). But downside is expected to be contained well above 4.837 support (61.8% retracement of 4.157 to 5.929 at 4.834) and bring rally resumption. Above 5.930 will target 38.2% retracement of 13.694 to 2.409 at 6.72 next.

In the bigger picture, medium term fall from 13.69 is treated as part of the long term consolidation pattern that started at 15.78 back in 2005 and might have completed at 2.409 already. Rise from 2.409 should not be completed yet and we would continue to anticipate an upside breakout of the recent range of 4.157/5.138 eventually. Above 5.318 will target 38.2% retracement of 13.694 to 2.409 at 6.72 and beyond. Nevertheless, break of 4.432 support will dampen this bullish case and turn outlook mixed again.....Nymex Natural Gas Continuous Contract 4 Hours Chart.

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Where is Crude Oil Headed on Tuesday?

CNBC's Bertha Coombs discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow.




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Low Range Close in Crude Oil Set's The Stage For Lower Opening on Tuesday

Crude oil closed lower due to profit taking on Monday as it consolidated some of last week's rally. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 74.04 are needed to confirm that a short term low has been posted. If January resumes the decline off October's high, the 87% retracement level of this fall's rally crossing at 68.16 is the next downside target.

First resistance is the 20 day moving average crossing at 74.04
Second resistance is last Friday's high crossing at 74.69.

First support is the 10 day moving average crossing at 71.51
Second support is last Monday's low crossing at 68.59

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Natural gas closed lower due to profit taking on Monday as it consolidated some of this month's rally. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If January extends this month's rally, the 87% retracement level of this fall's decline crossing at 6.036 is the next upside target. Closes below the 20 day moving average crossing at 5.104 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at 5.929
Second resistance is the 87% retracement level of this fall's decline crossing at 6.036

First support is the 10 day moving average crossing at 5.401
Second support is the 20 day moving average crossing at 5.104

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The U.S. Dollar closed higher on Monday as it extends this month's rally. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If March extends its current rally, the 38% retracement level of the 2008-2009 decline crossing at 79.72 is the next upside target. Closes below the 20 day moving average crossing at 76.29 would temper the near term friendly outlook in the Dollar.

First resistance is last Friday's high crossing at 78.50
Second resistance is the 38% retracement level of the 2008-2009 decline crossing at 79.72

First support is the 10 day moving average crossing at 77.25
Second support is the 20 day moving average crossing at 76.29

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China's Oil Demand for November Up by 18.7%

According to Platts, China's apparent oil demand in November soared 18.7% from a year ago as the country's economic recovery picked up momentum. November's surge in oil demand marked the third straight month that the world's second largest oil consumer posted double digit yearly growth in oil demand. Chinese oil demand was estimated to reach 33.67 million mt (8.22 million barrels per day) in November, versus 28.36 million mt a year ago, a Platts analysis of official data showed on December 21. November oil demand was slightly less than the 33.89 million metric tons (8.01 million b/d) seen in October.

"China has pulled out all the stops this year to be sure that its economy has performed well throughout the global financial crisis. That has had a dramatic impact on oil demand in the country," said Dave Ernsberger, Platts senior editorial director for Asia. "Lifting demand for oil by double digits month after month was not Beijing's goal when it injected half a trillion dollars into its economy this year, but it was one of the most significant consequences".....Read the entire article.


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Crude Oil Continues Climbing as Recovery Makes Most Accurate Forecasters Bullish

Oil’s biggest annual rally since 1999 is poised to continue with gains of at least 19 percent next year as the global economy recovers and OPEC curtails production, the most accurate crude forecasters say. Societe Generale SA’s Mike Wittner and Hannes Loacker at Raiffeisen Zentralbank Oesterreich AG, whose predictions this year that were within 9 percent of market levels, now say oil will average $92.50 and $88, respectively, in the fourth quarter of 2010, up from current prices of about $74 in New York. The median Wall Street estimate is for an increase to $83.

Oil is set to rise as China and India lead the world economy from its biggest economic shock since World War II, while the Organization of Petroleum Exporting Countries caps output, Wittner and Loacker said. Analysts say OPEC will keep supply targets unchanged at a meeting in Luanda, Angola, tomorrow, even as the International Energy Agency predicts fuel consumption will rise 1.7 percent next year. “With global demand growing and OPEC holding production flat, stockpiles are going to come down, and that’s bullish for prices,” said Wittner, 48, the head of oil market research at Societe Generale in London. Commodities will also benefit from the weak dollar and U.S. interest rates close to zero percent, he said.....Read the entire article.

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Crude Oil Bull's Take Firm Near Term Advantage

Crude oil was higher overnight as it extends last week's rally above the 10 day moving average. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 74.08 are needed to confirm that a short term low has been posted. If January resumes the decline off October's high, the 87% retracement level of this fall's rally crossing at 68.16 is the next downside target.

First resistance is the 20 day moving average crossing at 74.08
Second resistance is last Friday's high crossing at 74.29

First support is the 10 day moving average crossing at 71.60
Second support is last week's low crossing at 68.59

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Natural gas was higher overnight and is extending this month's rally above the 75% retracement level of the October-December decline crossing at 5.807. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If January extends this month's rally, the 87% retracement level of the October-December decline crossing at 6.036 is the next upside target. Closes below the 20 day moving average crossing at 5.116 would temper the near term bullish outlook in the market.

First resistance is last Friday's high crossing at 5.926
Second resistance is the 87% retracement level of the October- December decline crossing at 6.036

First support is the 10 day moving average crossing at 5.425
Second support is the 20 day moving average crossing at 5.116

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Crude Oil and Natural Gas Technical Outlook For Monday Morning

Nymex Crude Oil (CL)

As noted, recovery from 68.58 might still extend further for the moment. But still, upside is expected to be limited by 61.8% retracement at 76.87 and bring resumption of the fall from 82.0. On the downside, below 71.21 will indicate that recovery from 68.58 has completed and will flip intraday bias for this support first. Break will target 65.05 key support next. However, decisive break of 76.87 fibo resistance will argue that fall from 82.0 has completed and will turn focus back to this resistance.

In the bigger picture, at this point, crude oil is still limited by 55 days EMA (now at 74.49) and hence, we're favoring the case that medium term rise from 33.2 has completed at 82.0 with bearish divergence condition in daily MACD. Another fall is expected after finishing the current recovery from 68.58 and a break there will target 58.32 cluster support (50% retracement of 33.2 to 82 at 57.60). Break there will confirm this bearish case and indicate that the down trend from 147.27 might be resuming for another low below 33.2. However, sustained trading above mentioned 76.87 will dampen this bearish view and argue that another high above 82.0 might be seen before crude oil tops in 76.77/90.24 fibo resistance zone.....Nymex Crude Oil Continuous Contract 4 Hours Chart.

Nymex Natural Gas (NG)

Intraday bias in natural gas remains on the upside with 5.57 minor support intact. Current rally is still expected to extend further to 38.2% retracement of 13.694 to 2.409 at 6.72 next. On the downside, below 5.57 minor support will suggest that an intraday top is formed and bring consolidations. But downside should be contained well above 4.837 support and bring rally resumption.

In the bigger picture, medium term fall from 13.69 is treated as part of the long term consolidation pattern that started at 15.78 back in 2005 and might have completed at 2.409 already. Rise from 2.409 should not be completed yet and we would continue to anticipate an upside breakout of the recent range of 4.157/5.138 eventually. Above 5.318 will target 38.2% retracement of 13.694 to 2.409 at 6.72 and beyond. Nevertheless, break of 4.432 support will dampen this bullish case and turn outlook mixed again.....Nymex Natural Gas Continuous Contract 4 Hours Chart.


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Natural Gas Trading Trend – Daily Chart

Trend lines provide excellent levels for support and resistance and this chart is a perfect example of that. Not much to say about this chart other than UNG is trading at resistance and volume is big. This tells me we could see lower prices from here or some sideways price action first.




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Crude Oil Trend – Daily Chart

Oil had a great setup last week with many readers profiting from the oversold bounce off support which I pointed out on the daily chart last week. When buying into an oversold setup like this I scale in over 2-3 days in case prices dip lower as the selling dissipates. Average price was $35.75 and sold at first target of $37 for a 3.5% profit. Many of us still hold a core position with a tight stop.

The 60 minute chart shows this play and how the price popped once the sellers were cleared out.






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Crude Oil Trades Near $73 on Signs of Global Economic Recovery

Crude oil traded near $73 a barrel in New York after rising last week amid optimism demand will increase as the global economy recovers from its worst recession since World War II. Oil prices may gain this week on expectations that increasing fuel demand in the U.S., the largest energy consumer, will reduce inventories, according to a Bloomberg News survey. Reports this week are forecast to show increasing sales of existing and new homes in the country. “If the sentiment around demand recovery continues to improve I’d see upward support for oil prices,” Ben Westmore, a minerals and energy economist at National Australia Bank Ltd., said in Melbourne. “But an oversupply problem overshadows the market, and it’s hard to see oil pushing much higher.”

Crude oil for January delivery was at $73.29 a barrel, down 7 cents, in electronic trading on the New York Mercantile Exchange at 1:51 p.m. Singapore time. The contract, which expires today, rose 1 percent to $73.36 on Dec. 18, the highest settlement since Dec. 7. Futures climbed 5 percent last week, the most in two months, and have gained 64 percent this year. Prices had jumped after Iranian troops occupied an oil field in a disputed border region with Iraq. The troops withdrew from the al-Fakah well in the East Maysan field late Dec. 19 after an armed confrontation, Iraq’s deputy minister of oil Abdul Kareem al-Luaibi said yesterday. Separately, Iraqi television cited government spokesman Ali Al-Dabbagh as saying Iranian soldiers remained in Iraqi territory.....Read the entire article.


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Where is Crude Oil Headed This Week?

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed next week.





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Crude Oil Weekly Technical Outlook

Crude oil's recovery from 68.58 extend further to as high as 74.69 last week and is probably still in progress. Further rise could still be seen initially this week. But after all, upside is expected to be limited by 61.8% retracement at 76.87 and bring resumption of the fall from 82.0. On the downside, below 71.21 will indicate that recovery from 68.58 has completed and will flip intraday bias for this support first. Break will target 65.05 key support next. However, decisive break of 76.87 fibo resistance will argue that fall from 82.0 has completed and will turn focus back to this resistance.

In the bigger picture, at this point, crude oil is still limited by 55 days EMA (now at 74.52) and hence, we're favoring the case that medium term rise from 33.2 has completed at 82.0 with bearish divergence condition in daily MACD. Another fall is expected after finishing the current recovery from 68.58 and a break there will target 58.32 cluster support (50% retracement of 33.2 to 82 at 57.60). Break there will confirm this bearish case and indicate that the down trend from 147.27 might be resuming for another low below 33.2. However, sustained trading above mentioned 76.87 will dampen this bearish view and argue that another high above 82.0 might be seen before crude oil tops in 76.77/90.24 fibo resistance zone

In the long term picture, there is no change in the view that fall from 147.27 is part of the correction to the five wave sequence from 98 low of 10.65. While the rebound from 33.2 is strong and might continue, there is no solid evidence that suggest fall 147.27 is completed and we're still preferring the case that rebound from 33.2 is merely a corrective rise only. Having said that strong resistance should be seen between 76.77/90.24 fibo resistance zone and bring reversal for another low below 33.2 before completing the whole correction from 147.27.....Nymex Crude Oil Continuous Contract 4 Hours Chart.


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Growing Power of Iraqi Kurdistan Could Backfire on Tehran

Iran's strategy to break Iraq into three component territories, and to dominate those territories in order to reduce regional opposition and to gain unfettered access to Syria and the Mediterranean as a result of the Western invasion of Iraq in 2004, has had profound success. The country is now, at best, a federation, with elements of a slide toward confederacy or even the breaking away of some territory. Iran dominates, and will increasingly dominate, the Shi'a controlled central heartland and the Government of Iraq, particularly when US and Coalition forces depart. Iraq's northern, and predominantly Kurdish, region is now virtually an independent state. It is certainly an autonomous state.

And yet the solution which Tehran sought, the break-up of Iraq, may hold more problems for it than a unified Iraq, as the modern Iraqi state was created under British tutelage in 1922. Indeed, the Kurds, who had been financially swayed by both Baghdad and Tehran for decades, may feel sufficient strength that the foundations of a sovereign state can be laid. That sovereign state would, as the Iraqi Kurds have made clear — have aspirations on territory inside Iran, in Syria, and, significantly, Turkey (and possibly Azerbaijan and Armenia). In that respect, the Turkish-Iranian-Syrian rapprochement could not have come at a more propitious time. This reality, too, fuels the momentum in Ankara toward phasing out its strategic relationship with Israel. A Turkey-Armenia-Iran arrangement would help curtail Kurdish dreams of unity (even though the Kurdish tribes have historically been anything but trusting of each other, in many respects). And, fueling Ankara's concerns has been the heavy Israeli commercial involvement in the.....Read the entire article.


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Crude Oil Closes Higher, Signaling Higher Prices Are Possible Near Term

Crude oil closed higher due to short covering on Friday as it extends this week's rally. Profit taking tempered early session gains and the low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned bullish with this week's rally signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 74.27 are needed to confirm that a short term low has been posted. If January resumes the decline off October's high, the 87% retracement level of this fall's rally crossing at 68.16 is the next downside target.

First resistance is the 20 day moving average crossing at 74.27
Second resistance is today's high crossing at 74.69

First support is the 10 day moving average crossing at 71.62
Second support is Monday's low crossing at 68.59

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Natural gas closed slightly higher on Friday as it extends this month's rally. Profit taking tempered early session gains and the low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If January extends this month's rally, the 87% retracement level of this fall's decline crossing at 6.036 is the next upside target. Closes below the 20 day moving average crossing at 5.058 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at 5.926
Second resistance is the 87% retracement level of this fall's decline crossing at 6.036

First support is the 10 day moving average crossing at 5.330
Second support is the 20 day moving average crossing at 5.058

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The U.S. Dollar closed higher on Friday as it extends this month's rally. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If March extends its current rally, the 38% retracement level of the 2008-2009 decline crossing at 79.72 is the next upside target. Closes below the 20 day moving average crossing at 76.14 would temper the near term friendly outlook in the Dollar.

First resistance is today's high crossing at 78.50
Second resistance is the 38% retracement level of the 2008-2009 decline crossing at 79.72

First support is the 10 day moving average crossing at 77.02
Second support is the 20 day moving average crossing at 76.14


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Iraq Accuses Iran of Violating Border, Demands Withdrawal From Territory

Iraq’s National Security Council said today that Iran violated their shared border and Iraq’s “territorial integrity” and called on the Islamic republic to withdraw its forces from the region. Iraq summoned the Iranian ambassador in Baghdad and has begun “diplomatic steps” to resolve the situation, Iraqi government spokesman Ali Al Dabbagh said in a statement after a meeting of the security council.

Iranian forces entered Iraq at dawn yesterday and occupied an oil well in the East Maysan oil field, Zafer Nazmi, a border guard general, said earlier today. The Iranian forces positioned tanks around the well in the al-Fakah region, 450 kilometers (280 miles) south of Baghdad. The two neighbors have disputed the border of southeast Iraq for decades.

“The council stressed that the incursion is a violation of Iraq’s border and territorial integrity and called on Iran to withdraw from well 4 and lower the Iranian flag from the well tower immediately,” according to the statement. Crude oil for January delivery rose 71 cents, or 1 percent, to settle at $73.36 a barrel today on the New York Mercantile Exchange. It rose as much as 2.8 percent in intraday trading on news of the incursion.....Read the entire article.


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