Crude gains as Tropical Storm Isaac threatens Gulf of Mexico
Published Aug 24, 2012 01:34PM ET
Concerns that Europe will struggle to firewall its debt crisis tempered crude's gains.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD96.42 a barrel on Friday, up 0.16%, off from a session high of USD97.16 and up from an earlier session low of USD95.14.
Isaac is due to pass over Cuba and towards the Gulf of Mexico over the weekend, possibly intensifying into a hurricane.
Oil rigs have said they will begin evacuating workers.
Bullish news came out of the U.S. as well.
The Census Bureau reported earlier that durable goods orders rose to 4.2% in July from 1.6% in June, whose figure was revised up from 1.3%.
Analysts had expected durable goods orders to rise 2.4% last month.
Meanwhile in Europe, market talk that the European Central Bank will buy Spanish and Italian government debt bolstered crude as well, although a German court is still deciding if participating in European bailout measures violates the country's law, which tempered gains.
On the ICE Futures Exchange, Brent oil futures for October delivery were down 0.71% and trading at USD114.19 a barrel, up USD17.77 from its U.S. counterpart.
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Written By: Investing.com
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