02 July 2013 22:49 [Source: ICIS news]
HOUSTON (ICIS)--US crude oil futures on the New York Mercantile Exchange (NYMEX) surged by 1.64% on Tuesday, taking strength from positive US economic news and civil unrest in the Middle East.
West Texas Intermediate (WTI) futures settled at $99.60/bbl, up by $1.61/bbl for the prompt August contract. Brent settled at $104.00/bbl, up $1.00/bbl.
The restart of BP’s Whiting refinery in Indiana has added strength to WTI futures, as it should help alleviate some of the supply overhang coming from Canada to the Cushing hub in Oklahoma.
Crude oil futures also got a boost from robust automobile sales and a rise in factory orders.
Unrest in Libya and Egypt also raised supply concerns globally, while the dollar strengthened against the Euro.
The tightening spread between WTI and Brent also provided upward support.
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