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Written by Kim Bardsley
Crude oil prices rose above $79 a barrel in electronic trading on the New York Mercantile Exchange this morning (July 26th), responding to stronger equities in Asia and Europe.
An air of confidence returned to the markets this morning after the results of the European banking stress tests showed considerable resilience in the region.
However, there are some lingering concerns, as seven banks failed the tests, while questions have also been raised about whether the tests were aggressive enough.
Meanwhile, both crude and heating oil continued to climb amid concern about supply from the Gulf of Mexico as the Atlantic hurricane season continues.
"Even though there is no specific weather threat at this point in time, we have an outlook of a more active than normal hurricane season, so that's offering support to oil prices, which are seeing a weather premium," said Toby Hassall, chief commodities analyst at CWA Global Markets.
If such conditions continue, crude oil may breach the $80-a-barrel mark in upcoming trading sessions for the second time this year.
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