15 June 2006 16:19 [Source: ICIS news]
LONDON (ICIS news)--NYMEX crude rose by over a dollar on Thursday to take the front month July contract above $70.00/bbl on the back of a resurgent market for ?xml:namespace>
By 14:50 GMT, July NYMEX crude had hit a high of $70.15/bbl, a gain of $1.01 over the Wednesday close of $69.14, before easing back to around $70.00.
At the same time, August Brent crude on
The sharp rises were registered despite the weekly US stock figures, published on Wednesday, showing a larger than expected build on gasoline stocks. However, an increase in refinery utilisation suggested strong underlying demand.
The weekly US natural gas stock figures had also shown a smaller than expected build.
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