ICE Brent extends gains on expectations of more QE in US

12 December 2012 15:22  [Source: ICIS news]

LONDON (ICIS)--The January ICE Brent contract gained more than $2.00/bbl (€1.54/bbl) on Wednesday on the back of expectations that the US Federal Reserve will announce another round of bond buying, known as quantitative easing (QE), to help boost the US economy.

By 14:30 GMT, the front-month January ICE Brent contract touched an intra-day high at $110.26/bbl, a gain of $2.25/bbl compared to the previous settlement. The contract then edged lower to trade around $110.00/bbl.

At the same time, the January NYMEX WTI contract was trading around $86.95/bbl, having touched an intra-day high at $87.16/bbl, a gain of $1.37/bbl compared to previous close.

Crude futures along with many other commodities were also trading at firmer levels on Wednesday on expectations of a fresh round of quantitative easing.

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

($1 = €0.77)

By: Kawai Wong
+44 20 8652 3214

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