29 June 2012 16:00 [Source: ICIS news]
LONDON (ICIS)--Crude oil futures extended gains on Friday to more than $4.00/bbl, as eurozone leaders agreed on emergency measures to save the single currency.
By 13:30 GMT, the front-month August NYMEX WTI contract reached an intra-day high of $82.11/bbl, a gain of $4.42/bbl against Thursday’s settlement. The contract then eased a little to trade around $81.95/bbl.
At the same time, the front-month August ICE Brent contract had touched an intra-day high of $95.70/bbl, a gain of $4.34/bbl compared with Thursday’s close. The contract then edged lower to trade around $95.35/bbl.
EU leaders on Thursday announced plans for the creation of a single supervisory body for eurozone banks by the end of the year.
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In a statement, the EU said: “We affirm that it is imperative to break the vicious circle between banks and sovereigns.”
European chemical stocks also rose further on Friday, in line with financial markets.
At 14:55 GMT, the
Chemical producer BASF’s shares had risen by 2.88%, while fellow Germany-based chemical company Bayer’s shares were trading up by 2.29%.
Switzerland-based Clariant’s shares were trading up by 2.97% from the previous close, France specialty chemical group Arkema's shares were trading 8.79% higher from the previous close, while Norway-based fertilizer producer Yara International's shares were trading up by 1.58% on the previous close.
Additional reporting by Pearl Bantillo and Franco Capaldo
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