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NYMEX crude breaks $55/bbl price support
01/22/2007
The February contract for benchmark US light, sweet crudes broke through former market support at $55/bbl to close at $54.02/bbl, down $1.62 for the day, after trading at $53.44-55.81/bbl Jan. 10 on the New York Mercantile Exchange. It fell further, closing at $51.88, Jan. 11.The next key support level for the February crude contract was $50/bbl, “which in the current volatility can be reached in 2 days,” said Olivier Jakob, managing director of Petromatrix GMBH, Zug, Switzerland. That price, however, “has now become the consensus and should be a strong support,” he said.Meanwhile, Jakob noted “some supportive flags that will need watching,” including &...
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