US crude rises $2.86 on heating oil, gasoil

07 April 2008 20:43  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for May delivery settled at $109.09/bbl, up $2.86 versus Friday’s close, on upside momentum from a surge in heating oil and European gasoil.

A fire at a European refinery’s diesel making unit and expectations of cold weather in the US northeast injected supply worries into the market.

In addition, oil attracted further attention from speculative funds due to weekend comments from OPEC, which indicated that oil markets were well supplied, and there was no need to raise output.

After establishing an early low of $108.00/bbl, crude prices surged to establish a high of $109.25/bbl before retreating slightly on profit taking.

May ICE Brent also rose sharply, topping out at $107.50/bbl before settling at $107.14/bbl, up $2.24/bbl.

By: Ignacio Sotolongo
+1 713 525 2653

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