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.
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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