Crude oil futures gained to its 12-week high on Tuesday in reaction to bearish stock markets. Crude oil futures contract for December delivery gained 2.1 percent or $1.90 to $93.17 per barrel on the New York Mercantile Exchange. The respective contract touched the intraday high of $94.65 per barrel on Tuesday.

Many analysts hold the opinion that the weakening of Brent also provided technical support for the Nymex oil to reach its high levels. The difference between Nymex crude and Brent crude has reached its record levels in recent months. Most of the analysts attribute the European debt crisis as the reason for this spread.

President of trading advisory firm Cameron Hanover commented, “Nymex oil represented a bargain for the past three months or so, but in the past two sessions traders have decided to recognize its value.”

London’s Brent crude for December delivery fell 0.5 percent or $0.53 to $110.92 per barrel on ICE futures exchange.

Gasoline futures contract for November delivery slightly gained to $2.70 per gallon while heating oil futures contract for November delivery settled at $3.05 per gallon. Natural gas for November delivery surged 1.5 percent or $0.05 to $3.66 per million British thermal units.