LONDON�North Sea Brent crude oil futures ended trading on the International Petroleum Exchange (IPE) yesterday having changed little from the day before. IPE January Brent settled at $33.28, up 4� from Wednesday's close. Yesterday's high was $33.65 and the low $32.90.
Brokers noted that futures remained "fairly strong" at above $33/bbl due largely to the severe weather being experienced currently in the US and some areas in Europe, and forecasts of more inclement weather in the coming weeks.
The market was looking for more substantial news or data to give futures a clearer direction, brokers said.
There was no trading on the New York Mercantile Exchange or in after-hours access dealings yesterday due to the US Thanksgiving holiday.
Brent futures closed trading at $33.24/bbl on Wednesday on the IPE after a report from the American Petroleum Institute, released overnight Tuesday, showed a much larger than expected rise in crude oil inventories�in excess of 6 million bbl�as well as a small rise in heating oil stocks.
The price of the Organization of Petroleum Exporting Countries' basket of seven crudes was calculated to be up 23� to $31.63/bbl Thursday.
