NYMEX crude gains over $1/bbl as markets recover

18 March 2008 11:07  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $1.00/bbl on Tuesday to take the front month April contract back above $107.00/bbl after a recovery in global stock and commodity markets due to expectation of a US interest rate cut.

 

By 10:45 GMT, April NYMEX crude had hit a high of $107.39/bbl, a gain of $1.71/bbl from the Monday close of $105.68/bbl, before easing back to around $107.08/bbl.

 

At the same time, May Brent crude on ICE Futures was trading around $103.40/bbl, having hit a high of $103.57/bbl, a gain of $1.82/bbl from the previous close.

 

The US Federal Reserve was predicted to cut interest rates on Tuesday by as much as one percentage point.

By: Tony Dillon
+44 20 8652 3214

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