US crude futures surge $3.57/bbl on bargain hunting

04 October 2012 21:53  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for November delivery settled at $91.71/bbl on Thursday, up $3.57 versus the previous close, on sentiment that Wednesday’s sell-off had been overdone.

A series of events encouraged investors to pour money back into the market. The euro recovered lost ground against the dollar, tensions rose in the Middle East and a refinery fire boosted gasoline futures.

November West Texas Intermediate (WTI) established an intra-day high during the normal floor session of $91.79/bbl, up $3.65 but extended the gains to $91.84/bbl during electronic trading afterwards.

November ICE Brent received strong support from production problems in the North Sea, establishing an intra-day high of $112.69/bbl and settled at $112.58, up $4.41.

By: Ignacio Sotolongo
+1 713 525 2653

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