FXS: Crude oil heading to finish the year under $90.00
FXstreet.com (Barcelona) - The benchmark crude contract for February delivery fell late yesterday under $90.00 for the first time in over a week after oil inventories declined less than what was expected. On the final day of trading in 2010, the most active future quotes at $89.37 a barrel where it is around 50 cents off from the opening price.
While dipping yesterday from recent highs, crude oil remains poised to post its second annual rise as the hope for a steady global recovery buoys the speculation for robust energy demand. Still, crude is ending the year on a down note, as the EIA reported crude supplies declining by 1.26 million barrels which failed to match the more ambitious 5.3 million expected. With little other fundamental data left this week, typical low trading volume should keep prices in range.
