US crude rises $2.39/bbl on stock market rally, weak dollar

02 August 2010 21:00  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for September delivery settled at $81.34/bbl on Monday, up $2.39 versus Friday’s close and the highest level in nearly three months in response to a rally in the stock market.

US stocks started a new trading month by rising to 10-week highs on the back of strong earning results from the banking sector and slightly better than expected growth in manufacturing.

In the currency markets, the euro hit a three-month high versus the dollar, which also provided a boost to the energy complex.

Oil futures generated enough upside momentum to penetrate the psychological $80.00/bbl barrier and extended the gains to top out at $81.77/bbl, up $2.82, before retreating slightly.

September ICE Brent outperformed its American counterpart, closing at $80.82/bbl, up $2.64, after topping out at $81.20.

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By: Ignacio Sotolongo
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