Corporate Earnings, Rumors on China's Relaxation Support Crude Prices

20 July 2010 20 July 2010

BonTrade

Solid earnings results from Halliburton lifted US stocks and in turns boosted crude oil prices higher. WTI crude oil price soared to an intra-day high of 77.69 but gains were then trimmed as disappointing housing data triggered deflation worries. The front-month contract ended the day at 76.54, up +0.70%. Brent crude traded in similar pattern with price rising to as high as 77.2 before closing at 75.62, up +0.33%.