Crude raced higher Tuesday as energy bulls pushed Nymex oil back toward the $100-a-barrel mark, prices last seen before world governments said they would release crude from their reserves last month.
West Texas Intermediate jumped 2.1 percent to $96.89 a barrel on the New York Mercantile Exchange, decidedly above the $94.45 close of June 22, the day before the announcement on the release of 60 million barrels from reserves.
Brent crude on the ICE futures exchange finished $2.25 higher at $113.63 a barrel, and just below the June 22 high of $114.21. Brent touched $114.44 Tuesday.
"I think we could probably test that $100 mark again. I also think for it to be sustained up there, you'd have to have something a little more going on, like geopolitical problems or some demand pickup," said Anthony Grisanti, president of GRZ Energy.
Tuesday, July 05, 2011
Well, you could knock me over with a feather.
Posted by traderrob at 3:01 PM