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Crude rebounds on Spanish budget, stress test results

CommoditiesSep 28, 2012 01:08PM ET
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This article has already been saved in your Saved Items - Crude oil futures gained in U.S. trading on Friday after Spain unveiled an emergency budget and added its banking-sector stress tests met expectations, which boosted demand for the growth-sensitive commodity.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD92.07 a barrel on Friday, up 0.24%, off from a session high of USD92.72 and up from an earlier session low of USD91.43.

On Thursday, the Spanish government unveiled a crisis budget for 2013 calling for cuts to ministry budgets by 8.9% for next year and a freeze on public-sector wages for a third year.

Meanwhile, Spanish bank stress tests revealed the country's financial institutions need EUR60 billion to return to health.

The capital shortfall came in largely in line with expectations, which sent oil gaining.

News that Spain will unveil a budget that will meet any demands for possible bailouts coupled with stress test results that met expectations sent oil brushing off sluggish U.S. data.

In the U.S., the Chicago purchasing managers' index contracted for the first time since September 2009, dipping to seasonally adjusted 49.7 compared to 53.0 August.

Analysts had expected the Chicago PMI to remain unchanged at 53.0 in September.

The Thomson Reuters/University of Michigan's final index on consumer sentiment for September fell to a seasonally adjusted 78.3 from 79.2 the previous month.

Analysts had expected the index to fall to 79.0 in September.

On the ICE Futures Exchange, Brent oil futures for November delivery were down 0.25% and trading at USD112.06  a barrel, up USD19.99 from its U.S. counterpart.

Crude rebounds on Spanish budget, stress test results

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