October Brent crude up more than $2/bbl on US consumer spending rise

30 August 2011 17:26  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $2/bbl on Tuesday to take Brent crude on ICE Futures close to $114/bbl on the back of a report showing a rise in US consumer spending in July.

The report, issued on Monday by the Department of Commerce, showed US consumer spending increased by 0.8% in July compared with a 0.1% decrease in June.

Oil prices were, however, capped by gains by the dollar against other currencies.

By 15:10 GMT, October Brent crude had hit a high of $113.99/bbl, a gain of $2.11/bbl from Monday’s close of $111.88/bbl, before settling at around $113.85/bbl.

At the same time, October NYMEX light sweet crude futures were trading at around $88.95/bbl, having hit a high of $89.06, a gain of $1.79 from the previous close.

By: Kawai Wong
+44 20 8652 3214

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