Investing.com - Crude oil futures surged higher during U.S. afternoon hours Thursday, as renewed fears over tensions between Iran and Israel lifted prices, as markets continued to focus on developments in Spain.
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD91.92 a barrel during U.S. afternoon trade, climbing 2.23%.
Oil prices surged to the highest levels of the session as market players looked ahead to a speech by Israeli Prime Minister Benjamin Netanyahu later today at the United Nations.
The Israeli leader is due to issue an ultimatum to Iran over its disputed nuclear program or risk coming under military attack.
On Wednesday, Iranian President Mahmoud Ahmadinejad said in a speech before the U.N. General Assembly that his country is under threat of military action from "uncivilized Zionists", a clear reference to Israel.
U.S. oil prices hit a high of USD110.53 on March 1, at a time when tensions over Iran's nuclear program were running high.
Prices also drew support from expectations policymakers in China will do more to stimulate economic activity in the world’s second largest economy.
The People’s Bank of China reportedly injected a record CNY365 billion, or USD58 billion, this week into the Chinese banking system, easing liquidity conditions ahead of the end of the current quarter and before the Golden Week holidays next week.
Oil prices were largely unchanged following the release of a raft of broadly weaker-than-expected U.S. data.
Official data showed that the U.S. economy expanded 1.3% in the second quarter, down from a preliminary estimate of 1.7%. Economists had expected the rate of growth to remain unchanged.
Meanwhile, official data showed that U.S. durable goods orders fell 13.2% in August, the steepest decline since January 2009, compared to expectations for a 5.0% decline.
A separate report showed that the number of people who filed for unemployment assistance in the U.S. last week fell by 26,000 to 359,000, compared to expectations for a decrease to 378,000.
Also Thursday, data released by the National Association of Realtors showed that U.S. pending home sales dropped 2.6% in August, compared to expectations for a 0.7% decline.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Meanwhile, investors were jittery ahead of a press conference to announce the details of Spain’s draft budget statement for 2013, amid ongoing speculation over whether Madrid will seek a full-scale sovereign bailout.
Yields on Spain's benchmark 10-year government bond topped 6% for the first time in three weeks on concerns the country will run into problems financing itself.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery rallied 1.4% to trade at USD111.58 a barrel, with the spread between the Brent and crude contracts standing at USD20.34 a barrel.
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD91.92 a barrel during U.S. afternoon trade, climbing 2.23%.
Oil prices surged to the highest levels of the session as market players looked ahead to a speech by Israeli Prime Minister Benjamin Netanyahu later today at the United Nations.
The Israeli leader is due to issue an ultimatum to Iran over its disputed nuclear program or risk coming under military attack.
On Wednesday, Iranian President Mahmoud Ahmadinejad said in a speech before the U.N. General Assembly that his country is under threat of military action from "uncivilized Zionists", a clear reference to Israel.
U.S. oil prices hit a high of USD110.53 on March 1, at a time when tensions over Iran's nuclear program were running high.
Prices also drew support from expectations policymakers in China will do more to stimulate economic activity in the world’s second largest economy.
The People’s Bank of China reportedly injected a record CNY365 billion, or USD58 billion, this week into the Chinese banking system, easing liquidity conditions ahead of the end of the current quarter and before the Golden Week holidays next week.
Oil prices were largely unchanged following the release of a raft of broadly weaker-than-expected U.S. data.
Official data showed that the U.S. economy expanded 1.3% in the second quarter, down from a preliminary estimate of 1.7%. Economists had expected the rate of growth to remain unchanged.
Meanwhile, official data showed that U.S. durable goods orders fell 13.2% in August, the steepest decline since January 2009, compared to expectations for a 5.0% decline.
A separate report showed that the number of people who filed for unemployment assistance in the U.S. last week fell by 26,000 to 359,000, compared to expectations for a decrease to 378,000.
Also Thursday, data released by the National Association of Realtors showed that U.S. pending home sales dropped 2.6% in August, compared to expectations for a 0.7% decline.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Meanwhile, investors were jittery ahead of a press conference to announce the details of Spain’s draft budget statement for 2013, amid ongoing speculation over whether Madrid will seek a full-scale sovereign bailout.
Yields on Spain's benchmark 10-year government bond topped 6% for the first time in three weeks on concerns the country will run into problems financing itself.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery rallied 1.4% to trade at USD111.58 a barrel, with the spread between the Brent and crude contracts standing at USD20.34 a barrel.