Crude prices continued to hover close to the USD 59 mark as US refineries boosted operating rates.
US refineries operated at 88.9% of capacity in the week-ended October. 27. It was the biggest gain since March.
Currently, crude is trading at USD 58.73 per barrel, up 2 cents, in after hours access trading on the Nymex.
Experts have views on the year-end target for the commodity. Addison Armstrong, TFS, Energy Analyst, says "It will be a hard time having oil below USD 50/bbl any time soon. As long as OPEC defends prices below these levels, the market won't go lower. A lot of demand is seen from India and China. So USD 50 is the floor for crude.
Michael Fitzpatrick, FIMAT USA Energy Analyst says, "We think crude will reach a target of USD 65-67 by year end. It won't move up as quickly as it did in the period between 2004 and 2006."
