Date: 24.02.2012
Benchmark crude for April delivery surged $1.55 or 1.5% to settle at $107.83 a barrel on the New York Mercantile Exchange. In London, April delivery Brent crude climbed $0.72 or 0.6% to close at $123.62 a barrel. www.goldennifty.com
Crude oil prices sustained the winning momentum for yet another session on Thursday, making it a six straight session gaining streak, as investors overlooked the data showing rising oil inventories and focused on the better than expected US jobless claims and German business confidence reports which spurred optimism.
The Brent crude prices, on the other hand, touched the highest levels in nine months on lingering supply side worries as tensions between the West and Iran showed little signs of waning while the depreciation in US dollar too buttressed the fuel prices. www.goldennifty.com
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