Singapore, 28 August (Argus) — Nymex crude futures rose in today's after-hours trade in tandem with mostly stronger Asia equities markets, amid growing optimism about a global economic recovery that will lead to increased oil demand.
At 08:57 GMT, the Nymex October WTI front-month crude futures contract was at $73.05/bl or higher by 56¢/bl from its close yesterday. The contract was just slightly off from the session high of $73.03/bl hit earlier in the day.
Ice October Brent was 51¢/bl higher at $73.02/bl.
The Nymex September heating oil futures contract rose by 1.47¢/USG to $1.8739/USG, while Nymex September RBOB gasoline was higher by 0.36¢/USG to $2.0350/USG.
Positive economic data from the US, showing the economy contracted by a less than expected 1pc in the second quarter, raised confidence of a sustained economic recovery.
But analysts said fundamentals remain weak, with the market cautious about China and the possibility of its oil consumption growth slowing as Beijing looks at curbing industrial overcapacity.
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