US crude futures rise $1.87/bbl on oversold conditions

27 September 2012 21:46  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for November delivery finished up by $1.87 on Thursday at $91.85/bbl on a correction to oversold conditions.

After three consecutive down sessions, crude prices reclaimed a portion of the losses, receiving a boost from a second consecutive strong performance in reformulated gasoline (RBOB) futures, which settled at $3.1443 up 6.32 cents/gal ahead of the front month’s contract expiration on Friday.

Geopolitical forces such as the tension between Iran and the West continued to provide underlying support.

Global stock markets rose on the back of upbeat news out of the eurozone, with Spain, in particular, seen working at cutting spending.

The euro rose against the dollar, making dollar-denominated commodities cheaper.

November WTI surged to $92.30/bbl, up $2.32, before the rally attracted selling.

November ICE Brent established an intra-day high of $112.40/bbl and settled at $112.01, up $1.97.

By: Ignacio Sotolongo
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly