Crude futures gain on firmer stocks and Italian president re-election

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)

By: Kawai Wong
+44 20 8652 3214

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