By Nick Godt, MarketWatch
NEW YORK (MarketWatch) — Crude-oil futures rose on Wednesday, tracking broad market optimism over European sovereign debt issues after Portugal was successful in a closely watched bond sale.
Upbeat German data also provided a lift while traders awaited the Energy Department’s estimate of weekly crude supplies later in the session.
“The acceleration of global growth looks on track as we move into the new year,” JPMorgan energy team’s said in a note. “However further price strength from this juncture may well start to undermine demand growth.”
Crude oil for February delivery (CLG11 91.83, +0.72, +0.79%) recently gained 53 cents, or 0.6%, to $91.64 a barrel.
The contract had rallied on Tuesday, still getting a lift from the shutdown of a pipeline in Alaska.
The Trans Alaska Pipeline System resumed operations for an interim period late Tuesday, according to a statement from the Alyeska Pipeline Service Company.
The pipeline had been shut down on Saturday after a leak of crude oil was discovered in a booster pump room basement.
The pipeline carries about 630,000 barrels a day for co-owners BP PLC (BP 47.17, +0.34, +0.73%) and Chevron Corp. Pipeline Co. (COP 68.41, +0.24, +0.35%)
(COP 68.41, +0.24, +0.35%) News that U.S. import prices rose 1.1% in December, matching analyst expectations, had little immediate impact on trade.
