WTI crude up more than $1/bbl ahead of US Fed chairman speech

31 August 2012 14:24  [Source: ICIS news]

LONDON (ICIS)--The front-month October WTI crude contract gained more than $1.00/bbl on Friday ahead of a keynote speech by Federal Reserve chairman Ben Bernanke.

By 12:50 GMT, the front-month October WTI contract had touched an intra-day high at $95.94/bbl, a gain of $1.32/bbl against Thursday’s settlement. The contract then edged a little lower to trade around $95.87/bbl.

At the same time the front-month October ICE Brent contract was trading around $113.50/bbl, having reached an intra-day high at $113.65/bbl, an increase of $1.00/bbl from Thursday’s settlement.

Investors are hopeful that Ben Bernanke will show hints of a further round of monetary stimulus and provide more details regarding a large-scale asset purchase programme, which the bank said it was considering.

By: Kawai Wong
+44 20 8652 3214

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