Brent crude hits record high above $96/bbl

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 US, the largest consumer region of crude oil in the world, helped to lift prices even further.

By: Giovanni Coiro
+44 20 8652 3214

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