NYMEX WTI crude rebounds on economic data, renewed hope on Italy

10 November 2011 22:12  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX WTI crude futures rebounded on Thursday on positive economic data from the US and as concerns over Italy’s debt problems subsided.

December NYMEX WTI futures established a high of $98.35/bbl in the afternoon before it settled up $2.04/bbl at $97.78/bb, one day after the contract dropped for the first time since 1 November.

The increase came as US unemployment claims fell to their lowest level since early April, and the US trade deficit narrowed, suggesting improvement in the economy.

($1 = €0.74)

For more on crude visit ICIS chemical intelligence

By: Brian Balboa
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