US April crude closes up $2.95 after record high

28 February 2008 20:54  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for April delivery settled at $102.59/bbl on Thursday, up $2.95, after rising to a front-month record of $102.70/bbl.

Market speculators responded to the US dollar dropping to an all-time low versus the Euro and to expectations that the Federal Reserve will continue to cut interest rates.

The rally practically ignored a negative jobs report issued by the US Commerce Department and warnings from the Federal Reserve that the US economy remained at risk of a recession.

Other commodities have also surged, having become a hedge against inflation while pushing aside supply/demand forces.

April ICE Brent surged to a record high of $101.24/bbl before settling at $100.90/bbl, up $2.63.

Gasoline reformulated blendstock for oxygenate blending (RBOB) for March delivery gained 1.80cents/gal to settle at $2.50/gal; while same-month heating oil surged 7.45 cents/gal to close at $2.85/gal.

By: Ignacio Sotolongo
+1 713 525 2653

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