News Headline Summary

ENERGY WRAP - US Crude futures settle at USD 88.07/BBL, up USD 1.58 or 1.83%

WTI and Brent Crude futures trade in positive territory, with moves to the upside being welcomed by participants after three consecutive days of settling lower. The move to the upside was support by the risk on sentiment in the markets, but reflecting equities some of the gains were retraced after the recent more negative comments on the fiscal cliff from US House Speaker Boehner who said that no substantive progress had been made in talks. Also contributing to risk on sentiment in crude futures was the news that Iranian activities are to come under investigation and Western Libya’s main oil refinery being shut down due to protests. The laggard in the energy complex was Natural Gas which settled down near session lows following EIA Natural Gas Storage Change coming in much higher than expected.

29 Nov 2012 - 19:31 - - Source: RANsquawk

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