Sunday, August 19, 2012

Crude oil futures for august 20 2012

Crude oil futures for august 20 2012 : Crude oil futures extended Friday's gains into Monday after a report revealed that U.S. consumers were more upbeat over the economy than expected.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD96.20 a barrel on Monday, up 0.20%, off from a session high of USD96.39 and up from an earlier session low of USD96.16.

The Thomson Reuters/University of Michigan preliminary consumer sentiment index for August hit its highest level since May at 73.6, up from 72.3 last month, outpacing economists' forecasts for a 72.4 reading.

The numbers fueled sentiments that despite headwinds from Europe and despite stubbornly high unemployment rates, the U.S. economy will continue to grow and demand more oil and fuels going forward.

Also on Friday, the Conference Board reported that its leading index rose 0.4% in July, up from a 0.4% drop in June.

Analysts were predicting the index to rise by 0.2%, which further pushed oil prices up.

Ongoing tensions in the Middle East supported prices also, as a standoff between the Israel and its western allies with Iran has stoked fears that conflict could erupt and disrupt supply.

On the ICE Futures Exchange, Brent oil futures for September delivery were up 0.30% and trading at USD114.08 a barrel, up USD17.88 from its U.S. counterpart.

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