US crude futures surge 1.64% on Mideast unrest, strong US stats

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.

By: Bobbie Clark
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly