US crude futures rise $1.53/bbl on stock market rally

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.

By: Ignacio Sotolongo
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