Brent crude surges $3/bbl to new record high

09 May 2008 14:42  [Source: ICIS news]

LONDON (ICIS news)--Brent crude rose more than $3/bbl on Friday to fresh record highs over $125/bbl on the back of supply concerns.

 

By 13.20 GMT, June Brent crude on London’s ICE futures had hit a record high of $125.90/bbl, a gain of $3.06/bbl over Thursday’s close of $122.84/bbl.

 

At the same time, June NYMEX crude was trading around $125.82/bbl, having hit a high of $126.20/bbl, a gain of $2.51/bbl over the previous close.

 

The market was concerned over the availability of crude oil as demand in Asia, especially from China and India, had grown substantially.

 

Demand from China was expected to rise further this year as new refineries were planned to be operational by August. Sources added they would need more crude for those facilities to refine into products.

By: Kawai Wong
+44 20 8652 3214

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