Brent rises to near $88/bbl, stock build expected

24 January 2008 11:25  [Source: ICIS news]

LONDON (ICIS news)--Crude prices rose by more than a dollar on Thursday to take Brent crude on ICE Futures close to $88/bbl as the world equity markets staged a bit of a recovery.

However, the weekly US stock data, due out later, is expected to show a build in both crude and gasoline stocks.

By 11.00 GMT, March Brent crude had hit a high of $87.85/bbl, a gain of $1.23/bbl over the Wednesday close of $86.62/bbl, before easing back to around $87.70/bbl.

At the same time, March NYMEX crude was trading around $88.05/bbl, having hit a high of $88.18/bbl, a gain of $1.19/bbl over the previous close.

By: Tony Dillon
+44 20 8652 3214

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