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Crude Near Three-Week High On US Data; Heads For 1st Weekly Gain In Two

ByICN.com
Published 11/22/2013, 04:39 AM
Updated 07/09/2023, 06:31 AM

Despite the slight drop seen today, crude oil is trading near the highest price in three weeks after the number of Americans filing for jobless benefits fell sharply while factory activity hit an eight-month high in November, improving the outlook for demand on oil.

Crude oil is poised for the first weekly gain in almost two months due to signs of continued economic strength in the United States, the world’s biggest oil consumer, and indications that a deal to end Tehran`s nuclear program could a long time.

- WTI crude oil futures for January is trading around $ 95.24 a barrel after falling $0.20

- Brent futures for January settlement is trading around $ 109.89 a barrel after falling $0.19

Iran and six major powers, who are meeting in Geneva from Nov. 20-22, have made some progress towards an interim deal, but an imminent breakthrough in the 3-day talks that end today seems less possible as the US is committed to add tougher sanctions on Tehran.

Meanwhile, the unrest in Iraq added to uncertainty over supply, as the country suffers its worst wave of violence in five years, however, crude prices are expected to drop next week as US stockpiles may increase probably due to a surge in production.

- Natural gas is trading at $ 3.716 per cubic feet after rising 0.38%

- Gasoline is trading at $ 2.731 per cubic feet after falling 0.47%

- Heating oil (diesel) is trading at $ 3.0007 a gallon after falling 0.20%

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