US crude rises $1.18/bbl on correction, stock market rally

22 August 2013 20:44  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for October delivery settled at $105.03/bbl, up $1.18, on Thursday as three consecutive down sessions were seen as buying opportunities.

A rally in global stock markets and on Wall Street in response to upbeat data suggesting economic expansion and that the US Federal Reserve will taper its stimulus program also provided underlying support.

The bargain hunting lifted October WTI to top out at $105.18/bbl, up $1.33, before retreating.

ICE Brent for October delivery lagged behind its American counterpart, establishing an intra-day high of $110.15/bbl before settling at $109.90/bbl, up 9 cents, resulting in the narrowing of the negative trans-Atlantic arbitrage.

 


By: Ignacio Sotolongo
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