US crude futures surge $2.03 to hit new record

15 April 2008 21:15  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for May delivery settled on Tuesday at a record $113.79/bbl, up $2.03 versus Monday’s close on speculative inflation hedging.

Investors continue to pursue commodities due to recent weakness in the US dollar, strong energy demand worldwide and potential supply disruptions.

After establishing a low of $111.80/bbl, crude prices surged to a record high of $113.99/bbl before retreating slightly on profit taking.

May ICE Brent, which expired at the end of the session, also rose sharply to establish a high of $112.08/bbl before settling at a record $111.31/bbl, up $1.47/bbl.

By: Ignacio Sotolongo
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