26 November 2007 10:40 [Source: ICIS news]
LONDON (ICIS news)--Brent crude on ICE Futures hit a new record high above $96/bbl due to persistent weakness in the US dollar and colder weather expected in the US.
By 10:00 GMT, January Brent crude had hit a high of $96.56/bbl, a gain of $0.80/bbl over the Friday close of $95.76/bbl, before easing back to around $96.21/bbl.
At the same time, January NYMEX crude was trading around $98.80/bbl, having hit a high of $99.11/bbl, a gain of $0.93/bbl over the previous close.
Talks that OPEC could decide to increase output was offset by a weak US dollar as the markets expected the Federal Reserve to cut interest rates to support the weakness in the economy from the country’s housing crisis.
Moreover, expectations of colder weather in the northeast of the ?xml:namespace>
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections