US crude ends up $1.87 at record $121.84/bbl
06 May 2008 20:46 [Source: ICIS news]
HOUSTON (ICIS news)--NYMEX light sweet crude futures for June delivery closed at an all-time high of $121.84, up $1.87/bbl from Monday’s close.
The market maintained the upward momentum in response to tensions in Nigeria and Iran, a weaker US dollar and a forecast by Goldman Sachs that crude prices could rise to $150/bbl or even $200/bbl.
The front-month contract had earlier touched a session low of $119.33/bbl and an all-time intraday high of $122.73/bbl before retreating.
ICE Brent followed the trend, establishing an all-time high of $120.99/bbl before closing at $120.31/bbl, up $2.32/bbl.
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By: Ignacio Sotolongo
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