Crude futures surge as UK joblessness falls to lowest in four years

13 November 2013 12:54  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $1.00/bbl on Wednesday to take Brent crude on ICE Futures above $107/bbl as UK joblessness data fell to its lowest level in four years. 

By 12.00 GMT, December Brent crude had hit a high of $107.24/bbl, a gain of $1.43/bbl from the previous day’s close of $105.81/bbl, before easing back to around $107.05/bbl.

At the same time, December NYMEX light sweet crude futures were trading around $93.18/bbl, having hit a high of $93.43/bbl, a gain of 39 cents/bbl from the previous close of $93.04/bbl.

Data from the Office for National Statistics revealed the unemployment rate in the UK between July and September fell to 7.6%, down 0.2 percentage points from the April to June quarter. The rate is the lowest since 2009, and nearer to the benchmark at which the Bank of England said it would consider raising interest rates.

Adding to the bullish sentiment, crude oil production in Libya continues to be curtailed on the back of escalating violence in the country.

WTI crude oil futures lagged behind Brent, being pressured by expectations that the US Federal Reserve will taper its asset purchase programme soon.

($1 = €0.74)

Additional reporting by Kawai Wong 

By: Cuckoo James
+44 (0) 208 652 3214

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