US crude futures surge $1.30/bbl on end of 'fiscal cliff'

02 January 2013 21:26  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for February delivery settled at $93.12/bbl, up $1.30 versus the previous close, tracking a rally in the stock market and across various commodities in response to the announcement that US lawmakers had reached a last-minute agreement that removed some uncertainties regarding tax hikes and austerity measures.

Upbeat economic data out of China also provided support, but the US dollar firming against the euro tempered the rally.

The February WTI contract topped out at $93.87/bbl, up $2.05 before running out of steam.

Same-month ICE Brent established an intra-day high of $112.90/bbl but retreated to settle at $112.47, up $1.36.  

By: Ignacio Sotolongo
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