Crude oil prices slide overnightCrude oil prices climbed briefly over $80 per barrel overnight, then settled down Wednesday morning. After peaking at $80.23 per barrel, December delivery of light, sweet crude hit $79.87 Wednesday. The spike occurred after the American Petroleum Institute said U.S. inventories fell by 4.3 million barrels in the week ending Nov. 13, MarketWatch reported.
Crude palm oil futures prices on Malaysia's derivatives exchange ended 2.5% higher Wednesday, at its highest since Aug. 24, following short covering as investors took leads from higher crude prices and heavy rains across oil palm growing regions.
The benchmark February contract on the Bursa Malaysia Derivatives ended MYR58 higher at MYR2,400 a ton, after moving in MYR2,345-MYR2,425/ton range. "CPO futures may rise to MYR2,450-MYR2,500 in the next two weeks" if crude oil prices remain steady and export demand continues to gather momentum, said a senior executive from a Kuala Lumpur-based trading firm. Buyers who were buying cautiously for the past few months are gradually turning aggressive, particularly in China, trade participants said.