US crude rises $1.58/bbl on economic optimism

19 December 2012 20:52  [Source: ICIS news]

HOUSTON (ICIS)--West Texas Intermediate (WTI) for January delivery rose by $1.58/bbl on Wednesday, settling at $89.51/bbl on its final day of trading, rallying on expectations that the US government would reach a budget agreement and reduce the threat of a recession.

Prices were also supported by data from the Energy Information Administration showing that US crude stocks fell by almost 1m bbl.

February Brent crude closed the day at $110.36/bbl, up by $1.52, largely on the same US budget optimism, as well as an improving outlook for the eurozone.

By: Michelle Klump
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