US crude rises $4.27/bbl on bailout sentiment

30 September 2008 22:18  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for November delivery settled on Tuesday at $100.64/bbl, up $4.27 as market speculators bought on sentiment that the previous day’s sell-off had been overdone.

The stock market rallied on sentiment that the US plan to rescue the financial sector will be revived in Congress, which in turn supported the energy complex and triggered a round of short covering.

Overnight, November crude extended the losses to $93.36/bbl but the aggressive buying drove the front month all the way up to $101.40/bbl before retreating slightly.

ICE Brent for November delivery topped out at $98.93/bbl and settled at $98.17/bbl, up $4.19.

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By: Ignacio Sotolongo
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