US crude settles up 61 cents after record surge

03 March 2008 20:59  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for April delivery on Monday settled at $102.45/bbl, up 61 cents from Friday’s close after hitting another front-month record of $103.95/bbl.

Market speculators continued to respond to the US dollar dropping to an all-time low versus the Euro and to anxieties regarding various geopolitical tensions. Cold weather in Europe and the US northeast supported gasoil and heating oil.

After topping out at $103.95/bbl, a corrective round of profit taking drove the American benchmark down to $102.00/bbl - 16 cents above Friday’s close - before the dip was viewed as a buying opportunity and the market staged a rebound.

April ICE Brent surged to a record high of $102.29/bbl and sold down to $99.20/bbl before settling at $100.48/bbl, up 38 cents.

Gasoline reformulated blending for oxygenate blendstock (RBOB) for April delivery gained 2 cents to settle at $2.67/gal; while same-month heating oil surged 3.39 cents to close at $2.84/gal.

By: Ignacio Sotolongo
+1 713 525 2653

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