US crude rises $1.02/bbl, tracks stock-market rally

13 July 2012 20:37  [Source: ICIS news]

HOUSTON (ICIS)--West Texas Intermediate (WTI) for August delivery settled at $87.10/bbl on Friday, up $1.02 versus the previous close, in response to a rally in the stock market.

Various commodities, mainly copper, also tracked the stock market. The gains in equities followed slightly better than expected econoimc data and lessening worry about China‚Äôs economy.

Brent also led the energy complex higher, arising from production problems in the North Sea, where some crude oil cargos may be deferred.

Scaled-up buying lifted August WTI to $87.61/bbl, up $1.53/bbl, before giving back a portion of the gains.

ICE Brent for August delivery settled at $102.40/bbl, up $1.33, retreating from an intra-day high of $103.44/bbl.

By: Ignacio Sotolongo
+1 713 525 2653

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