Crude gains on hopes of ECB action to boost eurozone

02 August 2012 12:09  [Source: ICIS news]

LONDON (ICIS)--The front-month September ICE Brent crude oil futures contract gained more than $1.00/bbl on Thursday on hopes that the European Central Bank will take action to stimulate the eurozone economy.

By 10:20 GMT, the September ICE Brent contract had touched an intra-day high at $107.17/bbl up $1.21/bbl compared with the settlement on Wednesday. The contract then edged a little lower to trade around $106.90/bbl.

At the same time the front-month NYMEX WTI contract was trading around $89.25/bbl, having hit an intra-day high earlier at $89.54/bbl, a gain of 63 cents/bbl compared with the previous settlement.

The President of the European Central Bank, Mario Draghi, is under pressure on Thursday to make good on his promise that the bank will do whatever is needed to save and protect the euro.

Draghi is due to hold a press conference later on Thursday where investors are expecting some solid policies to prevent the eurozone from collapse.

By: Kawai Wong
+44 20 8652 3214

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