US crude jumps $2.90/bbl on stock market rally

08 December 2008 21:37  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for January delivery corrected upwards from near 4-year lows on Monday and settled at $43.71/bbl, up $2.90 from Friday’s close.

 The energy complex tracked a rally in the stock market on expectations that various government stimulus plans will avert further economic slide and in the currency markets, the US dollar slipped versus the euro.

Saudi Arabia was reported trimming crude deliveries to various customers in order to prop up crude prices.

Crude futures for January delivery established a high of $44.70/bbl before giving back a portion of the gains ahead of the closing bell.

 ICE Brent for January delivery established an intra-day high of $44.25/bbl before settling at $43.42/bbl, up $3.68.

To discuss issues facing the chemical industry go to ICIS connect

By: Ignacio Sotolongo
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly