NYMEX up over $1/bbl on supply, currency issues

15 February 2008 15:04  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $1/bbl on Friday to take the front month March contract close above $96/bbl on the back of supply issues and a weak US dollar.

 

By 14.45 GMT, March NYMEX crude had hit a high of $96.67/bbl, a gain of $1.21/bbl from the Thursday close of $95.47/bbl, before easing back to around $95.33/bbl.

 

At the same time, April Brent crude on London ICE Futures was trading around $95.45/bbl, having hit a high of $95.80/bbl, a gain of $0.64/bbl from the previous close.

 

Prices have been moving up progressively during the week, supported by the ongoing dispute between Venezuela, which had been threatening to cut supply to the US and Exxon Mobil.

 

Meanwhile, the US weekly statistics showed a smaller than expected build on crude stocks, which also placed upward pressure on prices.

 

Moreover, the crude market was supported by falls in the US dollar after reports from the Federal Reserve of negative manufacturing data.

 

By: Giovanni Coiro
+44 20 8652 3214

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