US crude futures rise $1.13/bbl on stock market rally; weak dollar

07 March 2013 21:01  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for April delivery settled at $91.56/bbl, up $1.13 versus the previous close, tracking a rally in the stock market in response to released data showing a drop in US claims for unemployment benefits, suggesting an improvement in economic growth.

The dollar fell against the euro, making dollar denominated commodities cheaper.

WTI recouped Wednesday’s losses in response to the weekly supply statistics from the Energy Information Administration (EIA), which showed a much-greater-than-forecast build in crude stocks, overshadowing a drawdown in refined products.      

April crude topped out at $91.73/bbl, up $1.30 before the rally attracted selling.

ICE Brent for April delivery lagged behind its American counterpart, establishing an intra-day high of $111.40 before settling at $111.15/bbl, up 9 cents.

By: Ignacio Sotolongo
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