Crude closed slightly higher on Friday thus interrupting the violent decline seen in the previous two sessions. In the context of growing concerns about oil demand coupled with a surprise built in inventories across all products the move was probably welcomed by the bulls. However crude posted a lower low at $65.05 in response to a higher US dollar following a report from the US Commerce Department which showed a surprise drop in durable goods order. Later on as the greenback gave back its gains against the euro moving into negative territory crude recovered in a session which offered little about the next immediate direction.

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Crude Oil

COMMODITY

LEVEL

CHANGE

ICE BRENT CRUDE - OCT 09

65.11

(+0.30)

ICE WII - OCT 09

66.02

(+0.17)

GASOIL - OCT 09

542.50

(-1.00)