13 July 2007 15:37 [Source: ICIS news]
LONDON (ICIS news)--NYMEX crude rose by over a dollar on Friday to take the front month August contract back above the $73.00/bbl mark, but just short of the previous day’s 11-month high of $73.80/bbl.
The sharp rise was attributed to a combination of strength in the August ICE Futures Brent contract, which expires on Monday, and predictions of a rise in global demand in the latest Monthly Oil Market Report from the International Energy Agency (IEA).
By 14:15 GMT, August NYMEX crude had hit a high of $73.75/bbl, a gain of $1.25 over the Thursday close of $72.50, before easing back to around $73.40
At the same time, August Brent crude on ICE Futures was trading around $77.25/bbl, having hit a high of $77.60, a gain of $1.20 over the previous close.
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