10 December 2012
Economic data supports crude prices
Crude prices found support at the end of November from a surprise draw in US crude stocks, an upward revision of US GDP growth and encouraging Chinese manufacturing data
Brent futures settled at $111/b on 30 November, while WTI was trading around $88.60/b. This was up from around $110/b and $86.50/b, respectively, the week before. The US government said at the end of November that third-quarter GDP growth reached 2.7%, up from previous estimates of 2%. Standard Bank said that this, a weaker US dollar and increasing tensions in Syria had all added support to crude prices. Brent and WTI futures fell to four-month lows in late October and early November, trading around $109/b and $86/b, respectively, as pessimism over the global economic outlook and lacklustre demand weighed on fundamentals. Prices also tumbled following US president Barack Obama’s re-election
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