US crude futures settle at record $109.92

12 March 2008 21:01  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for April delivery settled on Wednesday at a record high of $109.92/bbl, up $1.17 versus Tuesday’s close, after a weaker dollar attracted market speculators.

The front month established the session’s low of $107.10/bbl following the release of the weekly supply statistics from the Energy Information Administration (EIA), which showed a much greater than forecast build in crude and gasoline inventories

However, the euro hit new highs against the US dollar after the sell off.

A round of aggressive buying lifted April crude to a new record high of $110.20/bbl, up $1.45/bbl, before settling just off the top of the range.

April ICE Brent also rose to record highs, topping out at $106.41/bbl before settling at a new record $106.27/bbl, up $1.02/bbl.

The EIA figures showed crude stocks at the highest level since November 2007 and gasoline inventories at the highest level since March 1993. However, the data took a back seat to a weak dollar and hedging in commodities against a possible recession.

By: Ignacio Sotolongo
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