OIL FUTURES: Crude Gains As Stock Markets Point Higher – Dow Jones December 19th.

Published on 19 December 2011 by cwhornsby in Hornsby Energy Trading

NEW YORK (Dow Jones)–Crude futures rose Monday, helped by gains in equity markets and some concerns about stability in Asia following the death of North Korean dictator Kim Jung Il.

NEW YORK (Dow Jones)–Crude futures rose Monday, helped by gains in equity markets and some concerns about stability in Asia following the death of North Korean dictator Kim Jung Il.

Light, sweet crude for January delivery recently traded 67 cents, or 0.7%, higher at $94.20 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 93 cents higher at $104.28 a barrel.

Light, sweet crude for January delivery recently traded 67 cents, or 0.7%, higher at $94.20 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 93 cents higher at $104.28 a barrel.

Oil prices were higher along with equities markets, which have served commodities traders as a barometer of broader economic sentiment for much of the past year. European markets rose ahead of a conference call of euro-zone ministers set for Monday, where leaders will discuss greater fiscal consolidation and providing additional funding to the International Monetary Fund.

Oil prices were higher along with equities markets, which have served commodities traders as a barometer of broader economic sentiment for much of the past year. European markets rose ahead of a conference call of euro-zone ministers set for Monday, where leaders will discuss greater fiscal consolidation and providing additional funding to the International Monetary Fund.

Futures for the Dow Jones Industiral Average were recently up 43 points to 11821.

Futures for the Dow Jones Industiral Average were recently up 43 points to 11821.

After falling nearly 6% last week and breaking well below the 200-day moving average, the market was primed for a rebound, said Phil Flynn, analyst with PFG Best in Chicago.

After falling nearly 6% last week and breaking well below the 200-day moving average, the market was primed for a rebound, said Phil Flynn, analyst with PFG Best in Chicago.

“Looks like there is a little bit of risk tolerance coming back into the market,” he said.

“Looks like there is a little bit of risk tolerance coming back into the market,” he said.

Jim Ritterbusch, head of trading advisor Ritterbusch and Associates, said economic data from the U.S. this week could offer some support to oil prices.

Jim Ritterbusch, head of trading advisor Ritterbusch and Associates, said economic data from the U.S. this week could offer some support to oil prices.

“We are looking for focus to shift away from the euro zone and toward the U.S. this week,” Ritterbusch said in a research report, adding that economic reports should “surprise to the bullish side.”

“We are looking for focus to shift away from the euro zone and toward the U.S. this week,” Ritterbusch said in a research report, adding that economic reports should “surprise to the bullish side.”

The death over the weekend of North Korea’s leader Kim Jong Il also kept prices aimed higher. Traders are concerned about increased instability in the region and the potential for some conflict during the transition to Kim’s successor.

The death over the weekend of North Korea’s leader Kim Jong Il also kept prices aimed higher. Traders are concerned about increased instability in the region and the potential for some conflict during the transition to Kim’s successor.

South Korea put its military on “high alert” and the Obama administration is “closely monitoring” the situation.

South Korea put its military on “high alert” and the Obama administration is “closely monitoring” the situation.

The youngest of Kim Jong Il’s three sons, Kim Jong Eun, is expected to lead the country.

The youngest of Kim Jong Il’s three sons, Kim Jong Eun, is expected to lead the country.

Front-month January reformulated gasoline blendstock, or RBOB, recently traded 3.31 cents, or 1.3%, higher at $2.5201 a gallon. January heating oil recently traded 1.93 cents higher at $2.8198 a gallon.

Front-month January reformulated gasoline blendstock, or RBOB, recently traded 3.31 cents, or 1.3%, higher at $2.5201 a gallon. January heating oil recently traded 1.93 cents higher at $2.8198 a gallon.