Benchmark crude holds above $72

17/09/2009

Benchmark crude for October delivery maintained its position above $72 in Asia's Thursday trading session, reports the Associated Press.

On Wednesday, positive news about US manufacturing had taken the commodity to a value of $72.51 a barrel.

This was maintained over the course of Thursday, with benchmark crude prices reaching the late afternoon at exactly the same level.

Overall, the contract gained $1.58 over the previous day - and was able to maintain this.

The Associated Press explains that, as the largest consuming market for crude oil, the news that the economy of the US may have ceased shrinking led to positive sentiment for the commodity.

Crude's gains on Wednesday began early in London's trading window, adding six cents to its value by 07:26 GMT, the Dow Jones newswire reported.

An update published by the Wall Street Journal placed the precise value of crude for October delivery at $70.99 per barrel at that time on Globex.