Arab Today, arab today crude ends up on europe hopes
Last Updated : GMT 17:34:36
Arab Today, arab today
Arab Today, arab today

Crude ends up on Europe hopes

Arab Today, arab today

Arab Today, arab today Crude ends up on Europe hopes

New York - Arabstoday

US crude oil futures rose on Monday as fresh optimism that Europe\'s debt crisis would be contained and robust US. Thanksgiving weekend retail sales augured well for economic gains that could lift oil demand. Geopolitical tensions tied to Iran\'s nuclear programme and the threat of further sanctions by western governments against Tehran underpinned the day\'s price surge. US crude climbed past $100 per barrel in early trade, but gains were pared as investors took a second look at whether the near $4 gain made on expectations of further European action to lick the region\'s debt troubles was fully warranted. Some investors also questioned whether the rise in US retail sales over the weekend would hold through the holiday season, given the job market\'s weakness. Investors will gear up for weekly US petroleum inventory reports, the first of which will come from industry group American Petroleum Institute after the close on Tuesday.  A Reuters poll ahead of the reports showed forecasts for a 1.0 million barrel increase in domestic crude stocks in the week to Nov 25. Distillate stocks were forecast down 1.2 million barrels and gasoline stocks up 1.0 million barrels, the poll also showed.

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