Filed under: Exxon Mobil (XOM), Chevron Corp (CVX), ConocoPhillips (COP), BP p.l.c. ADS (BP), Commodities, Oil, Headline news
Crude oil was virtually unchanged at $98.02 Wednesday at midday, as traders took a wait-and-see approach following a 1.07-million-barrel drop in weekly crude inventories for the week ending November 16 .
Analysts had expected an 800,000-barrel inventory gain, hence Wednesday’s draw down struck some traders as an anomaly, perhaps attributable to thinner trading conditions ahead of the [U.S.] Thanksgiving Day holiday.
Earlier, crude oil had reached a record $99.29 per barrel in electronic trading.
Heating oil gained about 2 cents to $2.70 and unleaded gasoline rose about 1 cent to $2.45. Natural gas dropped 0.007 to $7.470 per million BTUs.
Oil Analysis: Fundamental and technical indicators continue to favor an oil price move toward and beyond $100 per barrel, although Wednesday’s thin trading conditions will make it harder to clear the $100 hurdle this day, than in a normal trading volume session. Further, traders underscored that no factors have appeared that recommend the oil-higher trend is set to end.
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