US crude futures rally as lawmakers inch closer to debt deal

10 October 2013 23:21  [Source: ICIS news]

HOUSTON (ICIS)--US crude oil futures closed sharply higher on Thursday.

West Texas Intermediate (WTI) prices settled at $103.01/bbl, up $1.40/bbl, as US lawmakers sought common ground on the US debt limit.

The energy and stock markets reacted positively to Republican leaders proposing a deal that would raise the debt ceiling without any concessions.

Additionally, the kidnapping of the Libyan prime minister underscored the country’s fragile political state. He was later released, but concerns were raised that the country would not be able to continue its recent run of increased crude oil output.

Brent futures also rallied, settling at $111.80/bbl, up by $2.74/bbl, on supply concerns as a result of the turmoil in Libya.

By: Bobbie Clark
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