Commodity Corner: Oil Breaks Losing Streak

Light sweet crude oil for November delivery posted a gain for the first time since last Tuesday, ending the day at $80.24 a barrel.

The WTI, which lost more than nine percent last week, reversed course as stocks rallied on renewed hopes that the euro-zone will resolve its debt crisis. In New York, Dow Jones Industrials and the S&P 500 gained 2.53 percent and 2.33 percent, respectively. The Nasdaq posted a more modest 1.35 percent gain. Overseas, major averages in Paris and London rose while those in Shanghai, Tokyo, and Hong Kong were in the red.

Despite the positive sentiment about the debt situation in Europe, the front-month Brent contract price settled lower at $103.94 a barrel.

The WTI traded within a range from $77.11 to $81.36. The Brent, meanwhile, peaked at $105.20 and bottomed out at $101.59.

Despite mild early autumn conditions from the Midwest to the Northeast and the lack of heating demand in these regions, October natural gas gained eight cents to settle at $3.78 per thousand cubic feet. The contract price fluctuated from $3.68 to $3.80.

October gasoline posted a two-cent gain to end the day at $2.57 a gallon. It traded within a range from $2.51 to $2.59.

Matthew V. Veazey has written about the oil and gas industry since 2000. Email Matthew at mveazey@rigzone.com

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Brent Crude Oil : $46.65/BBL 1.78%
Light Crude Oil : $44.24/BBL 1.98%
Natural Gas : $3.04/MMBtu 0.33%
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