NYMEX crude up $1/bbl on US housing data

29 January 2013 16:26  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures gained more than $1.00/bbl on Tuesday, taking the front month March contract above $97.00/bbl on the back of data showing a stronger US housing market, raising hopes of faster economic growth and higher demand for energy.

By 16:00 GMT, March NYMEX crude had hit a high of $97.72/bbl, a gain of $1.28/bbl from the Monday close of $96.44/bbl, before easing back to around $97.60/bbl.

At the same time, March Brent crude on ICE Futures was trading around $114.15/bbl, having hit a high of $114.35/bbl, a gain of 87 cents/bbl from the previous close of $113.48/bbl.

By: Tony Dillon
+44 20 8652 3214

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