US crude futures rise $1.21/bbl on weak US dollar

03 August 2010 20:29  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for September delivery extended Monday’s gains and settled at $82.55/bbl on Tuesday, up $1.21 as market speculators sold the dollar and bought commodities.

Oil futures rose to $82.64/bbl, up $1.30, before settling just off the top of the range.

The stock market failed to provide support, falling in response to mixed economic data and helped keep the crude rally in check.

Summer maintenance on North Sea offshore platforms supported the Brent market, with September outperforming its American counterpart, rising to $82.80/bbl, before closing at $82.68, up $1.86.

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By: Ignacio Sotolongo
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