US crude prices inch over US$60 a barrel

07-Dec-05

U.S. crude prices crossed over US$60 a barrel but technical factors may stump further gains ahead of U.S. inventory data. Oil prices touched a one-month high of US$60.80 a barrel on Monday, but failure to close above the US$60 a barrel mark two days in a row coupled with other technical factors could be setting the stage for another backslide. January crude rose to US$60.03 a barrel on the New York Mercantile Exchange (NYMEX), but other products fell, narrowing the heating oil crack spread to US$14.47 a barrel and gasoline premium over crude slipped to US$6.51 a barrel. The day's focus will be on U.S. weekly stockpile data. The data for the week ended Dec. 2, will not reflect the impact of the cold spell now gripping the Northeast, the world's biggest heating fuel market.