NYMEX crude rises $1/bbl on OPEC comments

07 April 2008 11:24  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $1/bbl on Monday to take the front month May contract above $107/bbl after OPEC secretary-general commented that the cartel saw no reason to consider further increases in production levels.

 

By 10:10 GMT, May NYMEX crude had hit a high of $107.55/bbl, a gain of $1.32/bbl from Friday’s close of $106.23/bbl, before easing back to around $107.40/bbl.

 

At the same time, May Brent crude on ICE Futures was trading around $105.75/bbl, having hit a high of $105.87/bbl, a gain of $0.97/bbl from the previous close.

By: Tony Dillon
+44 20 8652 3214

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