Crude gains as global stocks surge

28 May 2013 11:21  [Source: ICIS news]

LONDON (ICIS)--ICE Brent crude oil futures gained more than $1.00/bbl on Tuesday amid firm stock markets around the globe.

By 10:00 GMT, the front-month July ICE Brent contract touched an intra-day high at $103.95/bbl, a gain of $1.33/bbl from the previous close. The contract then edged lower to trade around $103.90/bbl.

At the same time, the front-month July NYMEX WTI contract was trading around $94.65/bbl, having touched an intra-day high at $94.76/bbl, a gain of 61 cents/bbl compared to the previous close.

Crude futures and many other commodities found support on Tuesday amid a surge in stock indices around the globe.

In the Asia-Pacific region, Japan’s Nikkei 225, Hong Kong’s Hang Seng and China’s Shanghai Composite Index all settled in positive territory compared to its previous session.

In Europe, the UK’s FTSE 100 Index, France’s CAC 40 and Germany’s Dax were all trading in positive territory.


By: Kawai Wong
+44 20 8652 3214



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