US crude futures rise by $3.06/bbl

09 October 2012 20:50  [Source: ICIS news]

HOUSTON (ICIS)—NYMEX light sweet crude (WTI) for November delivery settled at $92.39/bbl on Tuesday, up $3.06 versus the previous close, as investors poured money into the market, triggering technical buy-stops.

Geopolitical concerns that the Turkey/Syria conflict will spread throughout the region overshadowed reports of increased oil production in Saudi Arabia and Iraq, as well as the International Monetary Fund (IMF) trimming its global economic growth forecast. The fact that the stock market slipped into negative territory on corporate earnings concerns and the euro shifting down against the dollar was also discounted. 

November WTI established an intra-day high of $92.91/bbl, up $3.58 before the buying was exhausted and a portion of the gains were given back.

November ICE Brent continued to receive support from production problems in the North Sea, establishing an intra-day high of $114.72/bbl and settling at $114.50/bbl up $2.68.

By: Ignacio Sotolongo
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