Oil prices rise above US$95 on gains in global stock markets, in anticipation of improved US economic data

21-Dec-11

Crude on the Nymex rose to US$95.3 , while in London, Brent crude rose by almost two dollars to US$105.4 on the ICE Futures exchange. The increase has been triggered by gains in global stock markets Asian and European stock markets as concerns eased that the death of North Korean leader could spark political turmoil. These gains came amid anticipation of improved US economic data. Investors also hoped for stronger figures of US housing as well as the gross domestic product.