US crude futures rise $1.34/bbl on dollar weakness, China imports

13 October 2010 21:38  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for November delivery settled at $83.01/bbl on Wednesday, up $1.34 from Tuesday in response to a weak dollar and reports that China’s crude oil imports rose to a record level in September.

The dollar fell on sentiment that the US Federal Reserve would ease monetary policy in order to help the economy, while the stock market rallied.

OPEC’s oil ministers are scheduled to gather in Vienna on Thursday, but export quotas were expected to remain unchanged.

November crude rose to an intra-day high of $83.45/bbl, up $1.78, before retreating ahead of the closing bell.

November ICE Brent Crude did not gain as much as its American counterpart, topping out at $84.98/bbl before closing at $84.64, up $1.14.

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By: Ignacio Sotolongo
+1 713 525 2653

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