Brent crude gains more than $1/bbl, tracks rising stock markets

06 November 2012 12:51  [Source: ICIS news]

LONDON (ICIS)--The front-month December ICE Brent contract gained more than a $1.00/bbl on Tuesday, tracking gains in the stock market.

By 12:15 GMT, the front-month December ICE Brent contract touched an intra-day high at $108.75/bbl, a gain of $1.02/bbl against the settlement on Monday.The contract then edged lower to trade around $108.45/bbl.

At the same time the front-month December NYMEX WTI contract was trading around $86.15/bbl, having hit an intra-day high at $86.40/bbl, a gain of 75 cents above Monday’s settlement.

Crude oil futures were tracking market gains as stocks rallied ahead of the US presidential elections.

Prices were also supported by the aftermath of storm Sandy which has caused havoc in many parts of the US east coast, leading to fuel shortages and damage to key infrastructure.

 


By: Kawai Wong
+44 20 8652 3214



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