London Commodity Markets - Third straight gain for Oil futures

Oil futures rose Monday, extending their gains to a third straight session with some global economic data pointing to improved prospects for demand, but prices ended well off the day’s highs above $90 a barrel as U.S. fiscal-cliff negotiations dragged on.

London Commodity Markets News

Oil for January delivery CLF3 +0.17%  tacked on 18 cents, or 0.2%, to settle at $89.09 a barrel on the New York Mercantile Exchange after trading as high as $90.33.

Prices had tallied a 2.8% gain over the past two trading sessions.

“It’s been a real tug-of-war in the crude oil market today with ‘bulls’ citing a stronger PMI manufacturing number in China and rising geopolitical tensions in the Middle East,” said Alan Herbst, a principal at Utilis Advisory Group in New York. 

But the early momentum that lifted Nymex prices above $90 a barrel “was held in check by recurring concerns over a lack of progress with fiscal-cliff negotiations in Washington, which might result in a new U.S. recession should no deficit agreement be reached by the end of the year,” he said.

Herbst said he expects “daily crude-oil price volatility to continue for the remainder of the year or until there is significant development from either the bullish or bearish perspective.” 

Source: Market World to read the complete and original article click here

 

 

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