Melbourne/Singapore —
US West Texas Intermediate crude futures rose 9c, or 0.1%, to $84.24 a barrel, adding to Tuesday’s 2.7% gain. “Supplies are tight with Opec sticking to its guns,” Avtar Sandu, senior commodities manager at Phillip Futures in Singapore said, referring to the recent agreement between oil cartel Opec and their allies to maintain an output growth of 400,000 barrels a day in December.“I still see a bull charging on; it might be taking a break now, but [if there is] any small spark, it might just continue its march,” Sandu said.
“The possibility of a spike to $100 a barrel is clearly there,” Hardy told the Reuters Commodities Summit.
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