NYMEX crude up $2/bbl on Texas fog, OPEC talk

07 April 2008 15:01  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $2/bbl on Monday to take the front month May contract above $108/bbl on the back of comments by OPEC and delays due to fog on the Houston Ship Channel.

 

By 13:30 GMT, May NYMEX crude had hit a high of $108.53/bbl, a gain of $2.30/bbl from Friday’s close of $106.23/bbl, before easing back to around $108.30/bbl.

 

At the same time, May Brent crude on London’s ICE Futures was trading around $106.50/bbl, having hit a high of $106.83/bbl, a gain of $1.93/bbl from the previous close.

 

Prices had been gaining ground earlier in the day after comments from OPEC’s secretary-general over the weekend that the cartel saw no reason to consider any further increase in production levels.

By: Giovanni Coiro
+44 20 8652 3214

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