Crude oil futures moved higher on Monday after
witnessing a sharp fall in the last session. There was some bargain
hunting, while the traders were also supported by the gains in equity
markets and supply concerns which resurfaced with developments in
Nigeria. Sentiments were boosted by the gains in gasoline futures and
strong selling of the spread between Brent crude and US crude.
In
Nigeria, several policemen were killed in an ambush around the Niger
Delta area. Nigeria’s oil output has reduced by more than 28 percent
between 2006 and 2009 due to insurgency.
Benchmark
crude oil futures for May delivery, gained $0.66 or 0.7 percent to
close at $93.36 a barrel after trading in a range of $93.75 and $92.46 a
barrel intraday on the New York Mercantile Exchange. In London, Brent
crude for May settlement gained 54 cents, or 0.5 percent, to $104.66 a
barrel on the ICE.
Source by Commodity Insights
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