26 October 2012 15:53 [Source: ICIS news]
LONDON (ICIS)--Brent crude gained more than $1.00/bbl on Friday to take prices on ICE Futures back above $109.00/bbl after US data on third-quarter GDP was above the level predicted by market pundits.
Concerns over Hurricane Sandy also gave further support, but strangely not to the US crude markets.
By 14:30 GMT, December Brent crude had hit a high of $109.55/bbl, a gain of $1.06/bbl from Thursday’s close of $108.49/bbl, before easing back to around $109.15/bbl.
However, at the same time, December NYMEX light sweet crude futures were trading around $85.75/bbl, having hit a high of $86.34/bbl, a gain of just 29 cents/bbl from the previous close of $86.05/bbl.
Earlier in the day, both benchmark grades had posted losses of over $1/bbl on expectations that the GPD data would fail to live up to expectations, with a firmer US dollar adding further downward pressure.
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