Singapore, 22 February (Argus) — Nymex crude futures continued to stay above $80/bl in today's after-hours trade amid growing signs of an improving economy in the US.
At 08:04 GMT the front-month Nymex March WTI crude contract was at $80.33/bl, up by 52¢/bl from the previous session's close.
Ice April Brent crude rose by 49¢/bl to $78.68/bl.
Nymex March heating oil rose by 1.80¢/USG to $2.0879/USG, while Nymex March RBOB gasoline rose by 1.98¢/USG to $2.1055/USG.
Signals continue to emerge out of the US that its economy is improving, which will likely bring increased oil demand from the world's largest consumer.
The market is waiting for testimony from US Federal Reserve chairman Ben Bernanke to the US Congress later this week to get a clearer picture of the health of economy, along with the direction of future monetary policy. The Federal Reserve last week unexpectedly raised its discount rate, the interest rate it charges banks for emergency loans, citing improved financial conditions.
Crude futures were already supported last week by industrial action by Total refinery workers in France, heightened by fears that it could spread to other refineries in the country. Continuing tensions over Iran's nuclear programme, bringing the threat of more international sanctions pressure against the Opec producer, also lifted prices.
Send comments to feedback@argusmedia.com
rjd
Request more information about Argus' energy news, data and analysis services.
Copyright 2010 Argus Media Ltd
