22 April 2013 14:10 [Source: ICIS news]
LONDON (ICIS)--ICE Brent crude oil futures gained more than $1.00/bbl on Monday, finding support from firmer stock markets and the re-election of Giorgio Napolitano as Italian president.
By 12:26 GMT, the front-month June ICE Brent contract had touched an intra-day high at $100.83/bbl, a gain of $1.18/bbl compared with the previous close. The contract then edged lower to trade around $100.75/bbl.
At the same time, the front-month May NYMEX WTI contract was trading around $88.85/bbl, having touched an intra-day high at $88.95/bbl, a gain of 94 cents compared with the previous settlement.
Despite both the front-month contracts opening in negative territory on Monday, both climbed steadily, finding support from firmer stock markets in the Asia-Pacific region. Aside from the Shanghai Composite Index, which settled in negative territory, Hong Kong’s Hang Seng and Japan’s Nikkei 225 both closed above last Friday’s settlement.
In Europe, news that Italy re-elected Napolitano for another seven-year term gave hope to investors that the political deadlock in the country will be broken.
Also supporting the markets, the FTSE 100, France’s CAC 40 and Germany’s Dax were all trading in positive territory.
($1 = €0.76)
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