NYMEX crude up $1/bbl on US retail sales data

14 August 2012 15:00  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures gained more than $1.00/bbl on Tuesday to take the front month September contract close to $94.00/bbl after US retail sales data for July showed the first increase in four months, suggesting faster economic growth in the third quarter of the year.

Earlier in the day, both France and Germany announced better-than-expected GDP data, which also supported gains.

By 13:40 GMT, September NYMEX crude had hit a high of $93.92/bbl, a gain of $1.19/bbl from the Monday close of $92.73/bbl, before easing back to around $93.75/bbl.

At the same time, September Brent crude on ICE Futures was trading around $113.70/bbl, having hit a high of $114.30/bbl, a gain of 70 cents/bbl from the previous close of $113.60/bbl.

By: Tony Dillon
+44 20 8652 3214

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