NYMEX crude over $100/bbl on dollar, supply worry

26 February 2008 16:39  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $1/bbl on Tuesday to take the front-month April contract above $100/bbl while Brent was 6 cents away from hitting its all-time high.

The latest rally was largely due to the ongoing geopolitical tensions and the persistent weakness in the US dollar.

Moreover, this latest increase was also due to the market anticipating that OPEC could leave output unchanged at its next official meeting on 5 March in Vienna.

By 16:00 GMT, April NYMEX crude had hit a high of $100.59/bbl, a gain of $1.36/bbl from the Monday close of $99.23/bbl, before easing back to around $100.15/bbl.

At the same time, April Brent crude on ICE Futures was trading around $98.75/bbl, having hit a high of $99.16/bbl, a gain of $1.47/bbl from the previous close.

By: Giovanni Coiro
+44 20 8652 3214

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