Crude futures gain on firmer stock markets

20 May 2013 19:21  [Source: ICIS news]

LONDON (ICIS)--NYMEX light-sweet crude oil futures reversed losses on Monday to trade more than $1.00/bbl higher against the previous close as stock markets climbed before settling in positive territory.

By 16:43 GMT, the front-month June NYMEX West Texas Intermediate (WTI) contract touched an intra-day high at $97.11/bbl, a gain of $1.09/bbl compared to the previous close. The contract then edged lower to trade around $96.80/bbl.

At the same time, the front-month July ICE Brent contract was trading around $105.05/bbl, having touched an intra-day high at $105.31/bbl, a gain of 67 cents/bbl compared to the previous close.

Stock markets gathered strength late on Monday with UK’s FTSE 100 trading in positive territory, while France’s CAC40 and Germany’s Dax also climbed late in the day.

By: Kawai Wong
+44 20 8652 3214

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