US crude futures surge $3.91/bbl on policy action expectations

03 July 2012 20:55  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for August delivery settled at $87.66/bbl on Tuesday, up $3.91 versus the previous close, on expectations of  policy actions by banks in order to stimulate the economy.

Ahead of the Independence Day holiday, a shortened stock market session finished up for the third consecutive session in response to released data showing a jump in US factory orders and as investors factor in the possible intervention by central banks.

After falling on Monday, the energy complex received a boost from concerns over Iran's nuclear programme after the European Union’s oil embargo on the country went into effect.

Upside momentum lifted August WTI to establish a high of $88.04/bbl, up $4.29/bbl before retreating.

ICE Brent for August delivery topped out at $101.58/bbl before settling at $100.68/bbl, up $3.34.

By: Ignacio Sotolongo
+1 713 525 2653

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