16 July 2007 11:14 [Source: ICIS news]
SINGAPORE (ICIS news)--August ICE Brent crude futures surged briefly above $78/bbl on Monday, hitting a new 11-month high and moving closer towards all-time record levels amid growing concerns over global supply.
At 9:56 GMT, August ICE Brent crude was at $77.90/bbl, up 33 cents, after earlier hitting a high of $78.40/bbl, up 83 cents on last Friday’s closing level.
At the same time, August NYMEX WTI was valued at $74.19/bbl, up 26 cents, after peaking at $74.44/bbl, up 51 cents.
The August Brent futures contract expires later on Monday.
Prices have risen amid forecasts of supply tightness in the second half of 2007 with production facilities, particularly in the ?xml:namespace>
Low gasoline inventories in US and in other developed countries also remain a major concern during the peak summer driving season.
The market has been further buoyed by increased flows of speculative money into the crude futures markets with NYMEX net long positions hitting a record level last week.
Longer-term supply worries were also generated by last week's monthly oil market report from the International Energy Agency (IEA), which forecast increased global demand growth in 2008.
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