Crude gains on expectations of further US fiscal stimulus

12 December 2012 13:32  [Source: ICIS news]

LONDON (ICIS)--The front-month ICE Brent contract gained more than $1.00/bbl on Wednesday over expectations of further monetary stimulus measures in the US.

By 13:00 GMT, the front-month January ICE Brent contract touched an intra-day high at $109.14/bbl, a gain of $1.13/bbl compared to the settlement on Tuesday. The contract then edged lower to trade around $109.05/bbl.

At the same time the front-month January NYMEX WTI contract was trading around $86.45/bbl, having touched an intra-day high at $86.55/bbl, a gain of 76 cents/bbl compared to the previous close.

Crude futures along with many other commodities were trading at firmer levels on expectations that the US Federal Reserve will announce a fresh round of quantitative easing.

Stock markets across the Asia-Pacific region were closing at higher levels, including the Shanghai index, Nikkei 225 and Hang Seng Index. Similarly in Europe, the FTSE100 and CAC40 were also trading up.

By: Kawai Wong
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly