Analyst cites positive sentiment in energy markets
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) — Crude-oil futures rose Monday as commodity traders took their cue from indications of a higher open in the U.S. equities market.
A batch of fresh merger deals also boosted interest in the stock market, while rising tensions on the Korean peninsula also encouraged buying in crude.
At last check, the front-running future price for oil rose 10 cents to $88.70 a barrel.
“Overall, sentiment across the energy sector remains positive, and energy and commodity prices are better able to withstand a stronger dollar as many investors look for the economic recovery to continue to drive demand heading into the new year,” analyst Brian Niemiec of Susquehanna Financial Group wrote in a note to clients.
Natural-gas futures posted modest gains, rising 2 cents to $4.09 per million British thermal units.
