06 March 2008 12:01 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures continued to hit new highs on Thursday, gaining more than $1/bbl to take the front-month April contract close to $106/bbl on an unexpected fall in US inventories, OPEC’s decision to leave output levels unchanged and the weak US dollar.
By 11:30 GMT, April NYMEX crude had hit a high of $105.96/bbl, a gain of $1.44/bbl from the last close of $104.52/bbl, before easing back to around $105.40/bbl.
At the same time, April Brent crude on ICE Futures was trading around $102.25/bbl, having also hit a new record of $102.95/bbl, a gain of $1.31/bbl from the previous close.
Prices went up after supply data from the Energy Information Administration (EIA) on Wednesday showed an unexpected fall in US stocks of 3.1m bbls, in contrast to analyst’s forecasts for a 2.4m bbl increase.
OPEC’s decision to leave output unchanged in its meeting on Wednesday in ?xml:namespace>
The US dollar’s continuous fall to record lows against major currencies was fuelling speculative funds which have recently been pouring into oil and other commodities as a hedge against inflation.
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