Nov. 26 (Bloomberg) -- Oil fell in New York as traders soldcontracts to lock in gains ahead of the U.S. Thanksgivingholiday and after the U.S. Energy Department said crudeinventories held by the world’s largest energy consumer rose.
Oil also pulled back after rallying 2.6 percent yesterday,the most since Nov. 16, as the dollar retraced some of itslosses. Commercially held U.S. stockpiles rose to a four-weekhigh of 337.8 million barrels in the week to Nov. 20, renewingconcern over the pace of recovery in fuel demand. “We can expect some profit-taking selling after lastnight’s sharp gains led by gold and the euro,” said KenHasegawa , a commodity derivatives sales manager at Newedge inTokyo. “It’s possible to go as low as $76.50 -- that’s thelevel before it started rising yesterday.” Crude oil for January delivery fell as much as 74 cents, or1 percent, to $77.22 a barrel in electronic trading on the NewYork Mercantile Exchange. The contract was at $77.36 a barrel at2:15 p.m. Singapore time. Yesterday, it rose $1.94 to $77.96 abarrel. Futures have gained 73 percent this year.
Full Story: Crude Oil Declines on Rising US Inventories, Firmer Dollar - Bloomberg
Oil also pulled back after rallying 2.6 percent yesterday,the most since Nov. 16, as the dollar retraced some of itslosses. Commercially held U.S. stockpiles rose to a four-weekhigh of 337.8 million barrels in the week to Nov. 20, renewingconcern over the pace of recovery in fuel demand. “We can expect some profit-taking selling after lastnight’s sharp gains led by gold and the euro,” said KenHasegawa , a commodity derivatives sales manager at Newedge inTokyo. “It’s possible to go as low as $76.50 -- that’s thelevel before it started rising yesterday.” Crude oil for January delivery fell as much as 74 cents, or1 percent, to $77.22 a barrel in electronic trading on the NewYork Mercantile Exchange. The contract was at $77.36 a barrel at2:15 p.m. Singapore time. Yesterday, it rose $1.94 to $77.96 abarrel. Futures have gained 73 percent this year.
Full Story: Crude Oil Declines on Rising US Inventories, Firmer Dollar - Bloomberg
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