US crude futures surge $1.85/bbl on pre-weekend buying

31 August 2012 20:48  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for October delivery settled at $96.47/bbl on Friday, up $1.85 versus the previous close, tracking a rally in the stock market and the dollar shifting lower against the euro.

Having factored in the limited damage to the energy infrastructure from Hurricane Isaac, crude prices were re-aligned as producers and refiners worked to restore output.

Released upbeat economic data showing a rise in US factory orders and in consumer sentiment gave the stock market a boost but gave back some of the gains following a speech by Federal Reserve Chairman Ben Bernanke, which did not rule out a new round of economic stimulus but suggested it was under consideration.

Ahead of the long Labor Day weekend, WTI established an intra-day high of $96.92/bbl before retreating.

ICE Brent for October delivery topped out at $114.78/bbl and settled at $114.57/bbl, up $1.92.

By: Ignacio Sotolongo
+1 713 525 2653

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