26 March 2013 20:59 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for May delivery rose for the third consecutive session, settling at $96.34/bbl, up $1.53 versus the previous close, tracking a rally in the stock market in response to released data, which show strong US home sales and a rise in durable goods orders suggesting an expanding economy.
Crude prices were already buoyant on sentiment that a rescue package for Cyprus would be worked out but the uncertainties continued to weigh on the markets.
A late spike on the NYMEX lifted WTI to top out at $96.45/bbl, up $1.64, before the buying was exhausted.
ICE Brent for May delivery continued to lag behind its American counterpart as a result of rising production in the North Sea, establishing an intra-day high of $109.40 to settle at $109.36/bbl, up $1.19. The negative trans-Atlantic Brent-WTI arbitrage narrowed to $13.00.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections