07 April 2008 20:43 [Source: ICIS news]
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.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|