News Headline Summary

ENERGY WRAP - US Crude futures settle at USD 97.03 /BBL, up USD 1.31 or 1.37%

WTI crude futures closed the session in positive territory and crucially settled above key psychological level of USD 96.00 after outperforming Brent crude futures and posting gains of over 1% amid the USD paring its earlier gains. WTI crude prices have been moving higher since 1600GMT after the USD fell sharply following comments from ECB member Weidmann who said "EUR isn't seriously overvalued " ahead of the G20 meetings scheduled for later this week. Sentiment was also buoyed by market talk of short-covering in the WTI-Brent crude spread and pre-market comments by Goldman Sachs who said they saw the WTI-Brent crude spread narrowing to around USD 7.50/BBL on average in Q1 2013.

11 Feb 2013 - 13:32 - - Source: RANsquawk

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