US crude futures rise $1.96/bbl on stock market rally

18 October 2011 21:04  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for November delivery settled at $88.34/bbl on Tuesday, up $1.96 versus the previous close, tracking a rally in the stock market stoked by better-than-expected bank earnings.

The rally overshadowed overnight reports of  decline in Chinese economic expansion and eurozone debt crisis concerns also took a back seat.

Upside momentum drove November NYMEX crude up to $88.61/bbl, up $2.23, before retreating but the bias remained to the upside.

December ICE Brent topped out at $111.18/bbl before settling just off the top of the range at $111.15/bbl, up 99 cents, but was also showing signs of working higher.

 


By: Ignacio Sotolongo
+1 713 525 2653



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