NewsFlashCrude breaches $100/bbl to new high

20 February 2008 17:39  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures wiped out earlier losses on Wednesday to take the front month March contract, which expires at the end of the day, to a new record high above $100.00/bbl.

 

By 17:20 GMT, March NYMEX crude had hit a high of $100.30/bbl, a gain of 29 cents from the Tuesday close of $100.01/bbl, before easing back to around $100.20/bbl.

 

At the same time, April Brent crude on London's ICE Futures was trading around $98.20/bbl, having hit a high of $98.35/bbl, a loss of 21 cents from the previous close.

 

Earlier in the day, both benchmarks had posted losses of well over a dollar as prices lost ground on predictions that the weekly US stock figures, delayed until Thursday due to Monday’s US holiday, will show yet another build on both crude and gasoline stocks.

By: Tony Dillon
+44 20 8652 3214

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