US crude futures rise $1.08/bbl on government deal euphoria

16 October 2013 21:08  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for November delivery settled at $102.29/bbl, up $1.08, on Wednesday, in response to reports that the US Congress had reached an agreement and that a vote was expected to re-open the government and lift the debt ceiling.

Expectations of a deal gave the stock market a boost, while the dollar rallied against a basket of currencies.

An optimistic discussion with Iran based on proposals to negotiate its nuclear program and ease geopolitical tensions helped cap the rally.

Sentiment that an Iranian proposal to negotiate its nuclear programme with various Western powers could ease geopolitical tensions and allow more oil into the market.

November WTI hit an intra-day high of $102.97, up $1.76, before the buying was exhausted and a portion of the gains were given back.

The ICE Brent contract for November delivery expired at the end of the session, having established a high of $111.23/bbl and settled at $110.86/bbl, up 90 cents. December Brent topped out at $111.30/bbl and settled at $110.59/bbl, up $1.17.

By: Ignacio Sotolongo
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