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Epic Research
NEW YORK: Oil rose for a fourth day last weekend asUS consumer confidence improved, signalling the economy is recovering, and tensions rose in the Middle East.
Futures capped a third weekly gain as the Thomson Reuters/University of Michigan consumer sentiment index beat expectations and the Conference Board’s leading economic indicators climbed more than forecast. Prices also gained as Hezbollah threatened to retaliate if Israel attacked Iran and security concern grew in Syria and Lebanon.
“The economic data are getting better,” said Jacob Correll, a Louisville, Kentucky-based analyst at Summit Energy, which manages more than $20 billion in companies’ annual energy spending. “You have a lot of tension ratcheting up in the Middle East and oil’s been having a rally.”
Oil for September delivery rose 41 cents, or 0.4 %, to $96.01 a barrel on the New York Mercantile Exchange, the highest settlement since May 11. The price is up 9% in August and 13% in the third quarter.
Brent crude for October fell $1.56, or 1.3%, to settle at $113.71 a barrel on the London-based ICE Futures Europe exchange after reaching the highest level since May on Thursday. Brent’s premium to October West Texas Intermediate, the New York benchmark, narrowed to $17.39 from $19.38.
Futures capped a third weekly gain as the Thomson Reuters/University of Michigan consumer sentiment index beat expectations and the Conference Board’s leading economic indicators climbed more than forecast. Prices also gained as Hezbollah threatened to retaliate if Israel attacked Iran and security concern grew in Syria and Lebanon.
“The economic data are getting better,” said Jacob Correll, a Louisville, Kentucky-based analyst at Summit Energy, which manages more than $20 billion in companies’ annual energy spending. “You have a lot of tension ratcheting up in the Middle East and oil’s been having a rally.”
Oil for September delivery rose 41 cents, or 0.4 %, to $96.01 a barrel on the New York Mercantile Exchange, the highest settlement since May 11. The price is up 9% in August and 13% in the third quarter.
Brent crude for October fell $1.56, or 1.3%, to settle at $113.71 a barrel on the London-based ICE Futures Europe exchange after reaching the highest level since May on Thursday. Brent’s premium to October West Texas Intermediate, the New York benchmark, narrowed to $17.39 from $19.38.