16 May 2008 13:18 [Source: ICIS news]
LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $3/bbl on Friday to take the front-month July contract to a new front-month record high above $127/bbl on a weaker US dollar and strong demand for distillates due to a global shortage of diesel fuel.
By 12:05 GMT, June NYMEX crude had hit a high of $127.43/bbl, a gain of $3.31/bbl from the Thursday close of $124.12/bbl, before easing back to around $127.25/bbl.
At the same time, July Brent crude on ICE Futures was trading around $125.77/bbl, having hit a high of $125.85/bbl, a gain of $3.22/bbl from the previous close.
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|