Crude gains on US jobs data, Iran cutting exports

25 October 2012 14:58  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures gained more than $1.00/bbl on Thursday supported by Iranian policy to slash crude oil exports and positive weekly jobs data from the US.

By 13:00 GMT, the front-month December ICE Brent crude oil futures contract touched an intra-day high at $109.28/bbl, a gain of $1.43/bbl compared with Wednesday's settlement. The contract then edged lower to trade around $108.65/bbl.

At the same time the front-month December NYMEX WTI contract was trading around $86.20/bbl, having touched an intra-day high at $86.75/bbl, a gain of $1.02/bbl compared with Wednesday's close.

US new claims for unemployment benefits fell last week by 23,000 applications to 369,000 according to the US Labor department. The fall in new claimants indicates that the US economic recovery is showing signs of improvement.

Further supporting crude oil futures, Iran announced it will slash its oil exports to 1.30-1.40m bbl/day within the next several months in reaction to western sanctions imposed against the country.

By: Kawai Wong
+44 20 8652 3214

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