US crude rises $3.06/bbl on stock-market rally, weaker dollar

06 November 2012 20:42  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for December delivery settled at $88.71/bbl on Tuesday, up $3.06 versus the previous close, tracking an election-day rally in the stock market and the dollar easing against a basket of currencies on profit taking to recent gains.

Crude futures were also driven higher by a rally in the gasoline complex as some refineries in the US northeast struggled to restore operations in the aftermath of Hurricane Sandy. Maintenance at other refineries across the country also provided support.

Investors poured money across the energy complex on sentiment that the US presidential election, regardless of the outcome, will remove uncertainties from the market.

The upside momentum drove front month West Texas Intermediate (WTI) to penetrate technical resistance barriers, triggering buy stops and extending the gains.

December WTI topped out at $89.22/bbl, up $3.57, before settling just below the top of the range.

Same month ICE Brent established an intra-day high of $111.31/bbl and settled at $111.07, up $3.34.

By: Ignacio Sotolongo
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