US crude recoups losses to hit $126.40/bbl record

12 May 2008 16:42  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures recovered from earlier losses of more than $2/bbl on Monday to take the front-month June contract to a new front-month record high of $126.40/bbl.

By 15:15 GMT, June NYMEX crude had hit the high, a gain of 44 cents/bbl from the Friday close of $125.96/bbl, before easing back to around $125.85/bbl.

At the same time, June Brent crude on ICE Futures was trading around $124.75/bbl, having hit a high of $125.63/bbl at the start of the day, a gain of $0.23/bbl from the previous close.

Before the US markets opened, a stronger performance by the US Dollar had pushed June NYMEX light sweet crude futures to a low of $123.86, a loss of $2.10 from the previous close, while June Brent crude on ICE Futures hit a low of $123.09/bbl, a loss of $2.31 from the Friday close of $125.40.

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By: Tony Dillon
+44 20 8652 3214

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