2006 crude prices may have bottomed out

The December contract for benchmark US crudes apparently bottomed out at a new floor of $57.05/bbl in intraday trading Oct. 31 before closing at $58.73/bbl, up 37¢ for the day in a late technical rally that forced many traders to cover lower-priced sales positions on the New York Mercantile Exchange.The December crude contract climbed to $59.14/bbl Nov. 3 on NYMEX in the wake of an apparently false telephone bomb threat against BP PLC’s 400,000 b/d refinery in Whiting, Ind. Meanwhile, a militant group in Nigeria gave international oil companies 72 hours to evacuate facilities in the prolific Niger Delta prior to threatened attacks on as many as 20 facilities during “Opera...

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