Crude gains on Spanish bond auction, China interest rate cut

07 June 2012 13:26  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures rebounded on Thursday, gaining more than $1.00/bbl on the back of a successful bond auction in Spain and a surprise interest rate cut from China’s central bank.

By 12:00 GMT, the front-month July NYMEX WTI contract had touched an intra-day high at $86.52/bbl, a gain of $1.50/bbl. The contract then edged a little lower to trade around $86.35/bbl.

At the same time, the front-month July ICE Brent contract touched an intra-day high at $102.21/bbl, a gain of $1.57/bbl. It then weakened to trade around $102.05/bbl.

In China, the People’s Bank of China cut its benchmark lending and deposit rate by a quarter point on Thursday, in the hope to stimulate investment and demand in the country.

In Europe, Spain’s sovereign bond auction was successful after the country sold more than €2bn worth of 10-year bonds. However, it was forced to pay higher yields to attract buyers.

 


By: Kawai Wong
+44 20 8652 3214



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