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 ?xml:namespace>
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.
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