22 January 2008 18:56 [Source: ICIS news]
LONDON (ICIS news)--Crude prices rose by more than a dollar on Tuesday to take Brent on ICE futures above $88.00/bbl on the back of the US Federal Reserve announcement of a 0.75 percentage point cut in interest rates in an effort to bolster the US economy.
By 18:15 GMT, March Brent crude had hit a high of $88.63/bbl, a gain of $1.12/bbl over the Monday close of $87.51/bbl, before easing back to around $88.45/bbl.
At the same time, February NYMEX crude was trading around $89.70/bbl, having hit a high of $90.10/bbl, a loss of $0.47/bbl over the Friday close.
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