BLBG:Crude Oil Advances as Euro Extends Gains Following Italian Bond Sale
Crude oil rose in New York as the euro extended its gains against the dollar after Italy sold bonds at an auction today.
Futures reversed an earlier decline after bids for the Italian bonds exceeded demand, signaling optimism for a resolution to the euro region’s debt crisis.
“Sentiment has improved on news of the successful Italian bond action,” said Andrey Kryuchenkov, a VTB Capital analyst in London. “We’re seeing a stronger euro as a result, and crude prices gaining alongside the broader commodity market rebound.”
Oil for January delivery on the New York Mercantile Exchange was up 78 cents at $98.99 a barrel at 10:37 a.m. London time after falling as low as $97.23. Brent crude for January settlement on the ICE Futures Europe Exchange was up $1.32 at $110.32 a barrel, reversing a 61-cent decline.
To contact the editor responsible for this story: John Buckley at johnbuckley@bloomberg.net
