May US crude closes up $1.68 on buying

27 March 2008 21:16  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for May delivery settled at $107.58/bbl on Thursday, up $1.68 as market speculators extended a buying binge.

Overnight reports of a militant attack on an Iraqi oil pipeline cut the flow and inspired the rally; while a squeeze in heating oil led the energy complex higher.

Upside momentum lifted May crude to $108.10/bbl after establishing an early low of $105.35/bbl and retreated slightly on late profit taking.

May ICE Brent also rose sharply but lagged behind the US benchmark, topping out at $105.60/bbl before settling at $105.00/bbl, up $1.01/bbl.

By: Ignacio Sotolongo
+1 713 525 2653

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