|News||Crude hovers near $91 amid low holiday volume|
|Analysis||Crude traded above $91 per barrel recording a 26-month high as freezing weather and storms engulf eastern US continuing the upside move despite China's decision to raise rates. |
Crude today hovers around $91 per barrel recording its highest around $91.86 and lowest around $90.77, while it currently is trading around $91.44 per barrel.
Some OPEC members met over the weekend in Cairo and said they are likely to keep production quotas steady and not discuss the matter until the next meeting for OPEC in July.
Crude last Thursday traded around $90 per barrel recording its highest around $91.60 and lowest around $90.32 per barrel, closing around $91.40 per barrel. Futures rose 37 cents or 0.4% on Thursday. The floor was closed on December 24 for Christmas holiday.
China on Saturday decided unexpectedly to raise its benchmarks interest rate for the second time to ease inflationary levels and that could weigh on the market and affecting demand expectations, though so far the market offset the news and equities continued to rise supporting crude.
We expect trading to remain sluggish amid the holidays and year end low volumes.
As for NYMEX as of 04:42 EST; motor gasoline fell $0.28 recording $243.580 per gallon; heating is trading around $254.000 per gallon declining $0.03; whereas natural gasoline lost $1.45 to record $4.024. In London, Brent futures gained $0.35 to record $94.100.