Brent crude gains on weaker euro, US crude stocks expectations

26 June 2012 15:29  [Source: ICIS news]

LONDON (ICIS)--The front-month August ICE Brent crude oil futures contract gained more than $1.00/bbl on Tuesday as the euro fell to a two-week low against the dollar and expectations of a decline in US crude stocks.

By 13:50 GMT, the August Brent contract had touched an intra-day high at $92.39/bbl, a gain of $1.38/bbl from Monday. The contract then eased to trade around $92.05/bbl.

At the same time, the front-month August NYMEX WTI contract was trading around $79.35/bbl, having touched an intra-day high at $79.64/bbl, a gain of 43 cents compared to Monday’s close.

The American Petroleum Institute will release its weekly stock report later on Tuesday, while the US Energy Information Administration (EIA) will publish its stock report on Wednesday.

 


By: Kawai Wong
+44 20 8652 3214



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