14:51 EDT -- Crude futures rallied to a 12-week high, following gains
in Brent oil futures and equities. Nymex September crude rose 1.6% to
settle at $93.67/barrel, highest settlement price since May 15. Brent
was recently up 2.2% at its own three-month high on continued supply
tightness, while S&P 500's up 0.8% amid US dollar weakness and stock
market gains in Europe. Meanwhile, buoyed by a fire at one of the
biggest U.S. refineries, reformulated gasoline blendstock peaked above
the $3.00 mark before settling up 2.4% at $2.9913/gallon.
(nicole.friedman@dowjones.com)
Previously Reported: U.S. Oil Tops $94, Rallies Alongside Brent
From MARKET TALK:
13:49 EDT -- US crude oil futures are up 2% as supply concerns boosted
European and US futures to three-month highs. Nymex September WTI, the
US benchmark, rallied as high as $94.09 a barrel, its highest intraday
price since May 16. ICE Brent for September delivery, up 2.5%, reached
its own three-month intraday high of $112.35 a barrel. Worries about
oil supplies from Iraq and Mexico are supporting prices, and a
California refinery fire has boosted front-month reformulated gasoline
blendstock futures above the $3 mark. Sept RBOB recently up 81.2 cents
at $3.0034 a gallon. (nicole.friedman@dowjones.com) Call us at (212)
416-3100 or email patrick.sullivan@dowjones.com
11:46 EDT -- Nymex crude oil futures march above $93 a barrel as the
fuel's rally continued for a third day. Prices recently reached $93.69
a barrel, their highest intraday level since May 17 as supply concerns
boost prices. A tropical storm could threaten Mexican oil exports and
a pipeline explosion halted Iraqi oil flows to a key Turkish port. A
fire at a large Chevron refinery in California has pushed prices for
reformulated gasoline blendstock, or RBOB, as high as $2.9804 a
gallon. (nicole.friedman@dowjones.com)
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(END) Dow Jones Newswires
August 07, 2012 03:05 ET (07:05 GMT)
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