Brent Settles Up 4%, Riding Equities Rally; US Crude Down

Reuters

NEW YORK, Sept 8 (Reuters) - Brent crude settled up 4 percent on Tuesday as strength in stock markets helped the global oil benchmark recoup the bulk of its losses from the previous session.

U.S. crude fell slightly in volatile trade, reopening from Monday's U.S. markets closure for the Labor Day holiday to news of refinery outages.

The divergence between Brent and U.S. crude could grow if weekly crude inventories cited on Wednesday by industry group American Petroleum Institute (API) turns out to be higher than expected by the market.

Analysts polled by Reuters expect U.S. crude stockpiles to have risen by 200,000 barrels for the week ended Sept. 4.

API's weekly inventory report, usually due on Tuesdays, will be issued on Wednesday this time due to Monday's Labor Day holiday. The official report on weekly stockpiles, due on Wednesdays from the U.S. Energy Information Administration, will be delayed till Thursday.

Brent rose early on Tuesday as European equity markets took off on bullish second-quarter euro zone growth and stellar German exports data. Gains in Brent accelerated in New York after the European equities rally extended to Wall Street.

London-traded Brent settled up $1.89 at $49.52 a barrel. It fell $1.98 in the previous session.


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Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours