US crude futures rise $2.36/bbl on budget news, MidEast tensions

19 November 2012 20:44  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for January delivery settled at $89.28/bbl, up $2.36 from the previous close, tracking a rally in the stock market on sentiment that Congressional leaders and the White House will try to reach a compromise on taxes and spending cuts in order to prevent a budget crisis.

The market also responded to the escalating violence between Israel and Palestinian Hamas on concerns that the conflict could spread throughout the region.

On the first day as spot month, January WTI also broke through technical barriers, triggering buy stops.

Upside momentum lifted WTI up to $89.80/bbl, up $2.88, before retreating.

January ICE Brent established an intra-day high of $112.20 and settled at $111 70, up $2.75.

By: Ignacio Sotolongo
+1 713 525 2653

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