28 April 2008 05:23 [Source: ICIS news]
SINGAPORE (ICIS news)--US crude futures hit a record high just shy of $120/bbl (€77/bbl) on Monday morning in Asian trade amid heightened supply fears following civil unrest in Nigeria and industrial action in the UK which has affected North Sea oil production.
At 03:43 GMT on Monday, June NYMEX light sweet crude futures were trading at $119.36/bbl, up $0.84/bbl from Friday’s settlement price. Earlier, the contract hit a new record high of $119.93/bbl up $1.41/bbl.
Meanwhile, June ICE Brent futures were trading at $117.31/bbl, up $0.97/bbl from the previous close, after earlier peaking at $117.34/bbl up $1.00/bbl.
Militant attacks over the weekend in the oil producing delta region of Nigeria raised further concerns regarding the country’s production after a strike last Friday shut-in around 200,000 bbls of production.
Forties terminal operator, BP, shut in the pipeline carrying 700,000 bbls of North Sea oil production on Sunday due to a strike by workers at the key 210,000 bbl/day Grangemouth refinery in Scotland.
The strike action cut power for pumping the crude to the Hound Point export terminal.
Tensions between the US and Iran, meanwhile, increased after a cargo ship chartered by the US navy fired warning shots at approaching vessels suspected to be Iranian on Friday.
($1 = €0.64)
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|