US crude futures surge $3.08 on dollar weakness

08 September 2009 20:37  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude for October delivery settled at $71.10/bbl on Tuesday, up $3.08 versus Friday’s close in response to a weaker dollar and gains in the stock market.

US markets were closed on Monday because of the Labor Day holiday.

October crude bottomed out at $67.54/bbl overnight but surged to an intra-day high of $71.79/bbl in response to a sell-off of US dollars in currency markets. The stock market also posted modest gains, supporting the rally across the energy complex as well as in other commodities.

The market will be keeping an eye on the OPEC meeting in Vienna, Austria on Wednesday, with the consensus being that export quotas will remain unchanged.

October ICE Brent settled at $69.42/bbl, up $2.89 after topping out at $70.10/bbl.

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By: Ignacio Sotolongo
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