|News||Crude hovers near $92 boosted by speculations for the recovery|
|Analysis||Crude traded above $92 per barrel today recording its highest in 27-months as traders mull over how high crude can climb before sparking a renewed round of inflation, while the dollar continues to plunge.|
Crude today hovers around $91 per barrel recording its highest around $91.81 and lowest around $91.21, while it currently is trading around $91.67 per barrel.
The rise of crude today follows inventory data from the second largest energy consumer in the world last month, where the demand is improving and will leave a positive effect on crude.
Crude last Friday traded around $91 per barrel recording its highest around $92.01 and lowest around $89.04 per barrel, closing around $91.37 per barrel. Futures capped a four –month high last Friday as the greenback fell, and since crude is highly connected to the direction of the equities markets confidence in a global recovery will be expected, and thereby effecting demand on commodities.
Moreover, weak trading is witnessed today due to the absence of banks in Germany, France, Italy, UK, Canada, Japan and Australia from markets as the world celebrates the New Year.
As for NYMEX as of 04:51 EST; motor gasoline rose $0.46 recording $244.160 per gallon; heating is trading around $252.500 per gallon inclining $0.89; whereas natural gasoline gained $2.79 to record $4.528. In London, Brent futures climbed $0.70 to record $95.410.