Oil prices continued to weaken overnight but ended well higher than the intra-day lows. Prices initially dropped $2/bbl on news that the Nigerian general strike had been suspended and that warmer weather was forecast for the US North East. However, this dip saw renewed buying interest and prices rebounded. Technically the market remains in a downtrend with strong support at $45/bbl.

 

Singapore markets were closed for Hari Raya Puasa. Singapore prices are expected to be similar to Friday's levels.

 

Closing Prices Monday November 15, 2004:

 

WTI Dec                $46.87/bbl            -$0.45/bbl

WTI Jan                 $46.95/bbl            -$0.46/bbl

Brent Jan               $43.00/bbl            -$0.71/bbl

IPE Gasoil             $400.25/t              -$10.25/t = -$1.37/bbl