US crude rises $2.01/bbl on stock market rally, playing catch-up

17 January 2012 21:19  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for February delivery settled at $100.71/bbl on Tuesday, up $2.01 versus the previous close, tracking a rally in the stock market and the euro rising against the dollar.

Upbeat economic data out of the US, Germany and China suggested an improvement in global economic growth and encouraged the length acquisition.

The NYMEX was closed on Monday in celebration of the Martin Luther King Day and the market was also playing catch-up to the gains posted on electronic trading during the previous day.

Reports that the Nigerian protests had been suspended and that the oil workers’ strike called off was discounted by the oil rally.

WTI established an intra-day high of $101.01/bbl, up $2.31 versus Friday’s close before giving back some of the gains.

ICE Brent for March delivery lagged behind its American counterpart under pressure from other European economic concerns. The North Sea benchmark settled at $111.53/bbl, up 19 cents.

By: Ignacio Sotolongo
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