Oil Bounced Back From Losses Seen In Asia

- November 30th, 2012

Benchmark U.S. crude-oil futures climbed on Friday, rebounding from losses seen in Asia, as the commodity looked to squeak through the month of November with a small gain.

Benchmark U.S. crude-oil futures climbed on Friday, rebounding from losses seen in Asia, as the commodity looked to squeak through the month of November with a small gain.

Highlights from market news:

– Crude for January delivery recovered from a loss of 16 cents earlier to gain 26 cents, or 0.3%, to $88.34 a barrel.

– Citi Futures analysts said that while a resolution of the U.S. fiscal cliff, a calming in Europe’s debt crisis, or fresh tensions in the Middle East could all push prices higher, such scenarios “would just be creating a temporary bubble in valuation.”

– Economic data showed a 0.2% fall in personal spending in October, against analysts expectations for an increase of 0.1%

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