Light sweet crude for January delivery settled at US$59.24 a barrel on the New York Mercantile Exchange, and On London's ICE Futures exchange, January Brent futures dipped to US at $59.49 a barrel. Oil prices fell on Wednesday on release of data indicating crude-oil inventories rose by 5.1 million barrels last week to 341.1 million barrels-6% above year ago levels. Natural gas futures declined as domestic inventories continue to be healthy.
On Tuesday, oil climbed by more than a dollar news of temporary pipeline troubles in Alaska. It seems that the market will continue to yo-yo in the short term due to day-to-day events, but will most likely remain fairly close to the current range until something new of significant fundamental import surfaces.
23-Nov-06 
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