Crude futures, that had fallen on Monday and earlier Tuesday in response to Hurricane Wilma sparing oil facilities in the United States, have bounced back. World oil prices have rallied strongly due to technical buying, crossing back over US$60. New York's main contract, light sweet crude for delivery in December has surged to US$61.30 per barrel in pit trading. In London, the price of Brent North Sea crude for December delivery spiked to US$59.04 per barrel in electronic deals.
The rebound in prices occurred on the eve of the report on US crude inventories, estimated to have risen by 2.0 million barrels in the week ending October 21. The heavy buying continues amid "a very slow recovery" to crude oil production in the US Gulf of Mexico.
26-Oct-05 
