Crude oil prices steady at end of week

23 October 2009

Crude oil prices were headed for a week of gains on the New York Mercantile Exchange (Nymex) this morning (October 23rd).

Although the commodity closed lower yesterday, a mid-week surge has put crude on course for a fourth consecutive week of gains.

At 03:27 Eastern Time, Nymex crude futures for December delivery had climbed to $81.43 (£48.83), up 24 cents on yesterday's closing price.

Tracking oil's rise this week, Mark Pervan, a senior commodity strategist at ANZ Banking Group, told Bloomberg that stronger corporate earnings reports from the US had provided a fillip for the commodity.

"As we enter the tail-end of the US reporting season, you can look back and say that the report card was better than expected," he said.

Wholesale heating oil prices also climbed this week, in line with crude futures. If such gains are sustained, it is likely that this will have a knock-on effect for domestic heating oil prices.

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