Futures Market News
Crude oil futures gain after strong Spanish debt auction
Apr 19, 2012 09:17 AM
One day after the U.S. Department of Energy indicated inventories of the energy commodity last week grew by 3.9 million barrels, the sale of bonds worth the equivalent of $3.3 billion in euros tempered losses. The bond sale pushed beyond the maximum target.
"Market sentiment is better today, as equity markets and the euro advance on expectations the worst is over and most of negative news is priced in," commodities research head Eugen Weinberg with Commerzbank AG told Bloomberg. "U.S. inventories increased beyond expectations on weak demand and high supplies."
At 8:08 a.m. on Thursday, crude oil futures advanced 0.6 percent, a 71 cent lift to $118.68 per barrel.
Inventories of crude oil gained to 369 million barrels, notching the top level since late May of last year, according to the energy department.
As the host of the euro zone's fourth largest economic system, Spain is drawing attention as it attempts to stave off constrictions inflicted by the sovereign debt crisis, Dow Jones Newswires reports. Thursday's sale featured bonds in denominations of two and 10 years.
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