29 January 2013 21:05 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for March delivery settled on Tuesday at $97.57/bbl, up $1.13 versus the previous close, in response to released data showing a strengthening US housing market and a jump in German consumer demand, both of which could translate into improving fuel demand.
Stock markets responded positively to the economic optimism while the euro shifted higher against the dollar.
Gasoline futures also provided underlying support from the recently announced shut down of the Hess’s refinery in New Jersey, further tightening supplies in the US Northeast.
March West Texas Intermediate (WTI) topped out at $97.82/bbl, up $1.38, before retreating.
ICE Brent for March delivery established an intra-day high of $114.49 bbl before settling at $114.36, up 88 cents.
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