Oil prices recovered on Thursday as Nymex oil futures for November delivery rose to US$61.59 per barrel as bargain hunting traders snapped up contracts that were discounted the day before by a surge in U.S. distillate supplies. November Brent crude on London's ICE futures exchange rose to US$60.68 a barrel.
Natural gas (home-heating fuel) futures however, dipped to a 2 year low as U.S. supplies continue to rise. Markets expect to see a tumble in energy futures, in particular natural gas. Natural gas is most vulnerable to further declines, until the onset of winter in the U.S.
The benchmark Nymex oil price briefly fell below US$60 a barrel on Wednesday - the level OPEC has hinted could initiate an output cut. Crude oil futures have fallen roughly 20% over the past two months as worries ease about supply threats and amid speculation possible economic weakness in the U.S. could soften energy demand.
22-Sep-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}