Thursday, January 10, 2013

Crude oil futures rally to 4-month high on China data, ECB - Crude oil futures rallied to the highest level since September during U.S. morning hours on Thursday, boosted by a broadly weaker U.S. dollar and following the release of robust Chinese trade data.

On the New York Mercantile Exchange, light sweet crude futures for delivery in February traded at USD94.04 a barrel during U.S. morning trade, up 1% on the day. 

New York-traded oil prices rose by as much as 1.7% earlier in the day to hit a session high of USD94.69 a barrel, the strongest level since September 19.

Oil futures spiked to the highest levels of the session as the U.S. dollar came under heavy selling pressure after European Central Bank President Mario Draghi revealed the ECB was unanimous in its vote to leave interest rates unchanged.

Draghi’s comments came after the ECB left rates on hold at a record low 0.75% earlier, in a widely anticipated decision.

Sentiment on the euro had been buoyed earlier after Spain saw borrowing costs fall sharply at an auction of government debt.,-ecb-242898

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