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Commodity Daily News
Crude Rallies on a Drop in Inventories
Thursday, 11 Nov 2010
The price of light, sweet crude oil futures contract for December delivery rose $1.09, or 1.3%, to $87.81 a barrel on the New York Mercantile Exchange. The contract hit an intraday high of $88.10 Wednesday, continuing its rise in today's early Asian trading, and is currently trading around $88.30 a barrel.
Crude oil prices rallied to a two year high after a Department of Energy report showed a steeper than expected drop in fuel stockpiles, continuing a slide from 27-year highs. Oil inventories fell 3.4 million barrels in the week ended Nov. 5.
