US crude futures rise $1.27 on stock market rally

04 May 2009 20:39  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for June delivery settled on Monday at $54.47/bbl, up $1.27 versus Friday’s close, in line with a strong stock market rally as a result of improved economic confidence.

Much better than expected housing data and optimism about an economic recovery attracted buying across the energy complex.

Front-month crude topped out at $54.55/bbl after establishing a session low at $52.56/bbl and settled just off the top of the range.

ICE Brent for June delivery topped out at $54.67/bbl and settled at $54.58/bbl, up $1.73.

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By: Ignacio Sotolongo
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