US crude ends up $1.69 at record $123.53/bbl

07 May 2008 20:48  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for June delivery ended at a record close of $123.53/bbl on Wednesday, up $1.69/bbl, after overcoming an early slip.

The crude contract dipped briefly to $120.54/bbl, or down $1.30, following official supply statistics from the Energy Information Administration showing a bigger-than-expected build in oil inventories and an unexpected build in gasoline stocks.

But the market reversed direction as attention focused on a surprise drawdown in distillate inventories that kindled worries over tight supplies of diesel fuel, especially in Europe.

That sent the front-month contract to an all-time intraday high of $123.80/bbl.

ICE Brent followed the trend, initially weakening to $119.34/bbl. The North Sea benchmark then established an all-time intraday high of $122.70/bbl before finishing at a record close of $122.32/bbl, up $2.01/bbl.

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By: Ignacio Sotolongo
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