Crude Oil Lost Direction as OPEC Might Increase Production (1:05 EST)

23 October 2009 @ 09:42 am EDT

Crude oil price moved without direction Thursday. After rallying to as high as 82, the benchmark contract pierced below 80 briefly and then rose again to settle at 81.19, -0.2%. Others in the energy market also retreated with both heating oil and gasoline losing 0.5% to 2.095 and 2.054 respectively. Energy prices traded with high volatility as potential increase in supply from OPEC has slightly damped investors' interest in crude while the bearish outlook on USD spurred demand for commodities.

Oil and Gold Reports contributed by Oil N' Gold

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