20 November 2007 16:17 [Source: ICIS news]
LONDON (ICIS news)--NYMEX crude gained more than $2 on Tuesday to take the front-month January contract above $96/bbl on the back of the persistent weakness in the US dollar.
Further downward pressure was exerted on the dollar by expectations of another interest rate cut by the Federal Reserve on the back of more bad news emerging over the country’s mortgage crisis.
Prices were also being pushed up as the market was expecting demand to peak heading into winter.
By 15:30 GMT, January NYMEX crude had hit a high of $96.75/bbl, a gain of $2.11/bbl from the Wednesday close of $94.64/bbl, before easing back to around $96.60/bbl.
At the same time, January Brent crude on ICE Futures was trading around $94.50/bbl, having hit a high of $94.53/bbl, a gain of $2.25/bbl from the previous close.
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