Crude Oil gains on Tuesday in reaction to Bullish Stock markets

Crude oil futures surged on Tuesday in reaction to performing US stock markets. Crude oil futures for October delivery jumped 1.2 percent or $1.02 to settle at $85.44 per barrel on New York Mercantile Exchange.

London’s Brent crude for October also surged 0.9 percent or $0.95 to $109.31 per barrel on ICE Futures exchange.

Stock exchanges remained bullish on Tuesday as Dow Jones Industrial Average jumped 2.97 percent or 322.11 points to close at 11,176.76 points. Standard and Poor’s 500 index soared 3.43 percent or 38.53 to close at 1,162.35 while NASDAQ Composite gained 4.29 percent or 100.68 points to settle at 2,446.06 points.

Another factor that contributed to appreciation of oil was the news of increased chances that Gadhafi’s government is about to come to an end. Among other commodities, natural gas futures contract for September delivery gained 2.7 percent or $0.10 to $3.99 per million British thermal units.

Gasoline futures contract for September delivery surged 1.5 percent or $0.04 to $2.88 per gallon while heating oil futures contract advanced 1.1 percent or $0.03 to settle at $2.94 per gallon.

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