CT: OIL FUTURES: Nymex Crude Up Over $65/Bbl On Higher Equity Markets
LONDON (Dow Jones)--Nymex crude oil futures rose above the key $65 a barrel level Tuesday in London, lifted by higher equity markets.
Oil prices extended earlier gains as optimism from equities spilled over into oil markets, spurring buyers early in the U.S. session.
At 1237 GMT, the front-month September Brent contract on London's ICE futures exchange was up 98 cents at $67.42 a barrel.
The front-month August light, sweet crude contract on the New York Mercantile Exchange was trading 97 cents higher at $64.95 a barrel after earlier surging above $65 a barrel.
The ICE's gasoil contract for August delivery was up $15.50 at $554 a metric ton, while Nymex gasoline for August delivery was up 246 points at 181.40 cents a gallon.
Market participants were also awaiting supply-demand data. American Petroleum Institute data due later Tuesday and U.S. Department of Energy readings Wednesday should reveal whether the brightening expectations are being reflected in increased demand for crude oil and products.
"I think we need some friendly stats to keep the momentum going as we approach $70 crude," a broker in London said.
-By Lananh Nguyen, Dow Jones Newswires; +44 (0)20-7842-9479; lananh.nguyen@dowjones.com
