Brent crude hits new high of $99.67/bbl

26 February 2008 17:41  [Source: ICIS news]

LONDON (ICIS news)--Crude prices rose almost $2/bbl on Tuesday to take Brent crude on ICE Futures to a new record high of $99.67/bbl on the back of ongoing geopolitical tensions and the persistent weakness in the US dollar.

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 17.10 GMT, April Brent crude had hit a high of $99.67/bbl, a gain of $1.98/bbl over the Monday close of $97.69/bbl and up from the previous high of $99.22, before easing back to around $99.50/bbl.

At the same time, April NYMEX crude was trading around $100.90/bbl, having hit a high of $101.11/bbl, a gain of $1.88/bbl over the previous close.

By: Giovanni Coiro
+44 20 8652 3214

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