Crude gains on formation of new Italian government

29 April 2013 16:25  [Source: ICIS news]

LONDON (ICIS)--The front-month NYMEX WTI contract gained more than $1.00/bbl on Monday supported by firm stock markets and the formation of a new Italian government.

By 14:58 GMT, the front-month June NYMEX WTI contract touched an intra-day high at $94.08/bbl, a gain of $1.08/bbl compared with the previous settlement. The contract then edged lower to trade around $94.00/bbl.

At the same time, the front-month June ICE Brent contract was trading around $103.55/bbl, having touched an intra-day high at $103.60/bbl, a gain of 44 cents compared with the settlement on Friday.

Stock indexes in Europe were trading at firmer levels on Monday, after stocks in the Asia-Pacific region settled mostly in positive territory.

Underpinning the support came from Italy, where Enrico Letta was sworn in as the Prime Minister, ending two months of political uncertainty.

The new Italian government received approval early on Monday after successfully selling five and ten-year bonds at the lowest rates since October 2010, indicating that investors have more trust in the country's government and economy.

By: Kawai Wong
+44 20 8652 3214

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