NYMEX crude rises $1/bbl on positive US economic data

29 January 2010 14:45  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $1.00/bbl on Friday to take the front month March contract above $74.80/bbl following the release of positive US data for the fourth quarter of 2009.

US data released in the afternoon showed that the US economy had grown at a faster-than-expected 5.7% in the fourth quarter of last year.

This resulted in a bounce in both equities and commodities markets, with investors gaining confidence from the news.

By 13:50 GMT, March NYMEX crude had hit a high of $74.82/bbl, a gain of $1.18/bbl from the Thursday close of $73.64/bbl, before easing back to around $74.58/bbl.

At the same time, March Brent crude on ICE Futures was trading around $73.05/bbl, having hit a high of $73.28/bbl, a gain of $1.15/bbl from the previous close.

($1 = €0.72)

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By: Alex Davis
+44 20 8652 3214

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