The prices of crude oil futures rose today, hitting their highest level in two years.
On the Intercontinental Exchange, a volatile trading session saw West Texas Intermediate light, sweet crude oil futures for January 2011 delivery close at $86.75 per barrel, after briefly rising above $87 per barrel. ICE Brent crude oil futures settled at $88.87 per barrel.
The bullish momentum on crude came from several factors, including the European Central Bank's decision to maintain its liquidity-enhancing policies and a record jump in pending-home sales reported by the National Association of Realtors.
"There’s an inverse correlation between the dollar and oil, and we’re seeing it at work today," Peter Beutel of Cameron Hanover, Inc. explained to Bloomberg News.
Oil also tracked a bullish trading session in the U.S. stock markets – but hopes for future gains might be dashed tomorrow. At 6:50 p.m. EST, Dow Jones Industrial average stock index futures were down 2 points to 11,361, while S&P 500 index futures lost 0.4 points to 1,222.30. Nasdaq 100 index futures rose 0.5 points to 2,187.50.
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