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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