Brent rises $2 to pass $95/bbl on natgas, oil builds

14 February 2008 16:42  [Source: ICIS news]

LONDON (ICIS news)--Crude prices rose by more than $2/bbl on Thursday to take Brent crude on ICE Futures well above $95/bbl on follow-through strength after the previous day’s weekly US oil stocks showed a smaller than expected build on crude.

Further upward impetus was added when the weekly US natural gas stock figures showed a slightly larger than anticipated draw.

By 16:05 GMT, March Brent crude had hit a high of $95.49/bbl, a gain of $2.17/bbl over the Wednesday close of $93.32/bbl, before easing back to around $95.20/bbl.

At the same time, March NYMEX crude was trading around $95.10/bbl, having hit a high of $95.44/bbl, a gain of $2.17/bbl over the previous close.

By: Tony Dillon
+44 20 8652 3214

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