News Headline Summary

ENERGY WRAP - US Crude futures settle at USD 86.67/BBL, up USD 1.22 or 1.4%

The energy complex settled higher following another day of choppy trading. The move into positive territory for WTI and Brent crude futures followed further reports of turmoil in the Middle East and the news of a fire that halted production at a Black Elk oil and natural gas rig in the Gulf of Mexico. Also helping to renew investors risk appetite were positive comments from the meeting of Obama and congressional leaders on the subject of the fiscal cliff with consensus suggesting that progress is being made with a regards to a deal, reports suggested that both Democrats and Republicans recognised a deal must be reached. However lingering concern over the global economy coupled with ample stockpiles and reports of reduced demand from the American Petroleum Institute tempered gains.

16 Nov 2012 - 19:32 - Energy - Source: RANsquawk

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