Crude Oil Stays Below 80 Depsite Strong API Report

28 October 2009 @ 09:29 am EDT

WTI crude oil plunged to as low as 77.81 in NY session as consumer confidence disappointingly fell to 47.7 and USD rebounded against major currencies. The benchmark contract pared losses later the day and closed +1.11% higher at 79.95 as API report showing huge draws in oil stockpiles. Others in the energy complex also recovered after the sharp falls on Monday. Heating oil climbed +1.1% to 2.055 and RBOB gasoline added +1.8% to 2.0705.

Oil and Gold Reports contributed by Oil N' Gold

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