US crude futures rise $1.47/bbl on stock market rally, euro

07 August 2012 21:52  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for September delivery rose for the third consecutive session settling at $93.67/bbl on Tuesday, up $1.47 versus the previous close, in response to a rally in the stock market and the euro rising against the dollar.

Investors responded to expectations of further economic stimulus by the various central banks, lifting global stock markets and strengthening the euro, making dollar-denominated commodities more attractive.

Upside momentum caused the American benchmark to break through technical resistance barriers, triggering buy stops. September crude surged to establish an intra-day high of $94.42/bbl, up $2.22, before retreating ahead of the closing bell.

Declining production in the North Sea and the crisis in the Middle East also provided support, with ICE Brent for September delivery outperforming its American counterpart, topping out at $112.56/bbl, before settling at $112.00/bbl, up $2.45.

By: Ignacio Sotolongo
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