Market watch, Aug. 10

International oil markets continued to rally Wednesday, with the September contract for the benchmark US crude climbing $1.23 to $30.35/bbl on the New York Mercantile Exchange.


International oil markets continued to rally Wednesday, with the September contract for the benchmark US crude climbing $1.23 to $30.35/bbl on the New York Mercantile Exchange.

The October contract also gained $1.08 to close at $29.95/bbl. But in after-hours electronic trading, both contracts declined to $30.25/bbl and $29.92/bbl, respectively.

The September contract for home heating oil jumped 3.71� to 83.54�/gal, while unleaded gasoline for the same month rose 1.92� to 88.2�/gal on the NYMEX.

Natural gas for September delivery edged up 1� to $4.42/Mcf.

In London, the September contract for North Sea Brent closed at $29.87/bbl on the International Petroleum Exchange, up 97� for the day after surging to $30.15/bbl at one point. The contract was reported slightly higher in early trading today.

However, the September gas contract continued to decline Wednesday, down 5� to the equivalent of $2.28/Mcf on the IPE.

In overnight trading on the Singapore Exchange, North Sea Brent for September delivery gained 47� to $29.87/bbl.

The average price for the Organization of Petroleum Exporting Countries' basket of seven crudes gained 71� to $27.46/bbl Wednesday.

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