US crude rises $1.26/bbl on improving Europe sentiment

22 March 2013 20:14  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for May delivery settled at $93.71/bbl, up $1.26 versus the previous close, as investors shrugged off the banking crisis in Cyprus and acquired length going into the weekend.

Sentiment that a bailout and rescue package for Cyprus would be worked out calmed the market and triggered a stock market rally, while the euro firmed against the dollar.

After spending most of the session just inside positive territory, a late spike lifted West Texas Intermediate (WTI) to top out at $93.80/bbl, up $1.35, before the buying was exhausted.

ICE Brent for May delivery lagged behind its American counterpart as a result of rising production in the North Sea, establishing an intra-day high of $107.96 to settle at $107.66/bbl, up 19 cents. The negative trans-Atlantic Brent-WTI arbitrage narrowed to just below $14.00, the lowest level since the middle of the previous year.

By: Ignacio Sotolongo
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