Brent hits 11-month high due to Nigeria concerns

09 July 2007 15:32  [Source: ICIS news]

LONDON (ICIS news)--Crude prices continued to rise on Monday to take Brent crude on London’s ICE Futures back above $76.00/bbl to a new 11-month high after Nigerian militants vowed to continue their attacks against the country’s oil infrastructure.


Earlier in the day, reports that the kidnapped British three-year-old girl had been released had seen prices ease a little but this proved short-lived.


By 14:15 GMT, August Brent crude had hit a high of $76.24 /bbl, a gain of 62 cents over Friday’s close of $75.62, before easing back to about $76.05.


At the same time, August NYMEX crude was trading at about $72.80/bbl, having hit a high of $73.00, a gain of 19 cents over the previous close and the highest level for the front month contract since late August 2006.

By: Tony Dillon
+44 20 8652 3214

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