19 December 2012 15:16 [Source: ICIS news]
LONDON (ICIS)--ICE Brent crude oil futures gained more than $1.00/bbl on Wednesday supported by sanctions against Iran, firmer stock markets and hopes the US will avoid the fiscal cliff.
By 14:30 GMT, the front-month February ICE Brent contract had touched an intra-day high at $110.00/bbl, a gain of $1.16/bbl compared with Tuesday's close. The contract then edged lower to trade around $109.60/bbl.
At the same time, the front-month January NYMEX WTI contract was trading around $88.15/bbl, having touched an intra-day high at $88.60/bbl, a gain of 67 cents/bbl compared with the previous close.
The crude oil markets found support on Wednesday as details of previously signed sanctions against Iran hit the spotlight. From February next year, funds to pay for oil will remain within the buyer’s country hence preventing oil payments to Iran.
Crude oil prices were also supported by firmer stock markets as investors remain hopeful that US lawmakers will come to a consensus regarding next year’s budget and avoid the fiscal cliff.
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections