US crude ends up 16 cents at record $123.69/bbl

08 May 2008 21:49  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for June delivery ended up 16 cents at  $123.69/bbl on Thursday, for yet another record close.

The contract also set another intraday record of $123.97/bbl in the regular session, before retreating on profit-taking to mark a session low at $121.58/bbl.

In after-hours electronic trading, June crude continued to advance, hitting a new all-time high at $124.57/bbl.

European gas oil futures on ICE and heating oil futures on NYMEX remained contra-seasonally supportive due to tight supplies of diesel, mainly in Europe and Asia.

The earlier dip in the market followed reports that Saudi Arabia had chartered eight supertankers to deliver approximately 16m bbl of spot crude oil to the US starting in June.

The overall gain in the crude price came despite a firming of the US dollar, which reached a two-month high against other major currencies overnight.

ICE Brent also rallied. The June contract rose to an all-time high of $123.87/bbl and settled at $122.84, up 52 cents.

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By: Ignacio Sotolongo
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