Singapore, 28 January (Argus) — Nymex crude prices rose slightly in today's after-hours trade, supported by renewed optimism about US economic growth.
At 08:30 GMT the front-month Nymex March WTI crude contract was at $74.17/bl, higher by 50¢/bl from its close yesterday when the contract ended $1.05/bl lower.
The Ice March Brent crude contract rose by 46¢/bl to $72.69/bl.
Nymex February heating oil rose by 0.88¢/USG to $1.9256/USG, while Nymex February RBOB gasoline rose by 1.08¢/USG to $1.95/USG.
Oil prices firmed as US president Barack Obama pledge in his State of the Union address to boost jobs and tackle the US deficit lifted hopes about an economic recovery, and with it possible oil demand growth.
US EIA data yesterday showed an unexpected rise in distillates and gasoline stocks, pulling oil prices lower as the market worried about future oil demand growth.
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