Oil prices, that have been persistently rising for the past 6 weeks, touched the US$100 threshold, rising 30% more since early October. The price run-up has led to increasing numbers of investors to flood back into commodities markets. Oil on the Nymex ended the day at US$102, after a Canadian pipeline company announced plans to ship crude away from a key Midwest delivery point where much of it is expected to be refined and potentially exported to other countries. This could lead to a further fall in crude stockpiles in USA that are falling. Storage levels are 6% lower than their 5-year average.
On the demand side, USA has bounced back and appears to have avoided a recession: Over the past several weeks, economic reports have shown that consumers are spending more, and manufacturing activity continues to grow.