07.10.2008 18:14

Crude oil has surrendered earlier spike after Pentagon denied U.S warplane incident in Iran.


Iran state TV says plane forced to land in Iran was Hungarian. WTI Nymex crude oil spike to $92.99 in knee-jerk reaction and also supported by Fed annoumcement to backstop the U.S commercial paper market. Some traders also cite talk of an OPEC production cut earlier, which helped underpin crude oil prices. WTI Nymex crude oil is at $91.25, up $3.44.






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