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Oil at 12-wk high on North Sea output drop, stimulus hope
01:59 Aug 8 2012 North Sea
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Oil prices jumped to a 12-week peak on Tuesday as falling North Sea output, support for more bond buying by the U.S. Federal Reserve and Middle East tensions lifted crude futures to a third straight higher settlement.Posting their highest settlements since May 15, Brent, U.S. crude and refined products futures moved above key moving averages to add technical support to the day's bullish sentiment.
The second hurricane of the Atlantic storm season threatened Mexico and a fire damaged California's second-largest refinery, lending more support to oil futures.
"The news about the record low North Sea loadings got Brent going early and it has lifted everything else," said John Kilduff, partner at Again Capital LLC in New York.
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Comments
Alek (Aug 18 2012)
Hey Excruciatingminutiae, Thanks for stopping by. I suecpst you can just show up. I don't have a card - they probably want to sell as much as possible the first two days before the "public" sale. Perhaps you can call them first to make sure. If you go, let us know.Happy Shopping,Eden
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