US crude ends at record $127.05/bbl after dip

19 May 2008 21:29  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for June delivery settled at a record close on Monday of $127.05/bbl, up 76 cents, after a volatile session.

An early intraday high of $127.77/bbl was followed by a sharp but short-lived sell-off that drove the contract down to $125.28/bbl, more than $1 below Friday's close.

The tumble was attributed to a stronger US dollar and comments from OPEC emphasising that oil supplies were adequate. A downward correction in heating oil futures also got attention, although it ultimately did not hold crude prices down.

The June contract, which expires on Tuesday, established an all-time high of $127.82/bbl on Friday.

ICE Brent for July delivery rose to an intraday high $126.00/bbl before settling at $125.06/bbl, for a gain of 7 cents.

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By: Ignacio Sotolongo
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