What's Moving the Oil Markets?

•January NYMEX WTI futures jumped 70 cents to $59.94/barrel during electronic trading on the CME Globex in anticipation of the return of open outcry trading in New York later in the day. "Things are a little firmer as the US comes back into the market and this was seen quite prominently in early trading," a broker said.

•Earlier Monday, January ICE Brent nearly hit $60.50/barrel and January NYMEX WTI shot through the $60/barrel mark to a high if $60.20//barrel, but both markets then retreated as forecasts of mild weather in Europe and the US dampened the bullish mood. "The only thing that has dragged prices back down is the weather. In the US temperatures are going to be almost tropical while the mild weather in Europe is going to continue," a broker said. Forecasts on Friday showed eastern US temperatures to be above average throughout most of the upcoming week with temperatures in New York up to 12 degrees Fahrenheit above the average for this time of year. In Northwest Europe, temperatures will range from zero to eight degrees Celsius above average for the next few days.

Updated: 11/27/07