Crude price moved above $70.00 a barrel yesterday in a sharp rally which saw an increase of $3.97 or nearly 6%. The Energy Department report showed crude stocks rising 2.8 mbs, more than anticipated but gasoline inventories dropped 1.6 mbs compared with expectations for a rise. The data was largely interpreted as a recovery in oil demand triggering the advance in crude prices which was undoubtedly supported by a lower greenback against the euro. However, a few analysts also pointed out that yesterday was the last day of the third quarter and some investors were looking for a higher closing price.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - NOV 09

69.07

(+3.44)

ICE WTI - NOV 09

70.61

(+3.58)

GASOIL - NOV 09

559.50

(+14.50)