Crude futures gain over $1/bbl on supply concerns

23 May 2008 08:52  [Source: ICIS news]

SINGAPORE (ICIS news)--Crude futures gained more than a $1/bbl on Friday pushing prices back towards $132/bbl, after a marked sell-off in the previous trading session when traders took profit following new record highs above $135/bbl hit earlier on Thursday.

 

Concerns regarding insufficient supply growth in crude production and strong demand, particularly for distillates, remained major drivers.

 

At 07:23 GMT, July NYMEX light sweet crude futures were traded at $131.84/bbl, up $1.03/bbl on Thursday’s settlement price. Earlier, the contract hit a high of $131.87/bbl, up $1.06/bbl.

 

At the same time, July Brent futures on London’s were traded at $131.74/bbl, up $1.23/bbl. Earlier the contract peaked at $131.78/bbl, up $1.27/bbl.

 

Meanwhile, senior OPEC officials continued to attribute the sharp rise in prices on speculation, a weak dollar and geopolitical problems. OPEC believed oil markets to be well supplied and continued to resist calls to increase ouput.

 

($1 = €0.64)

 

To discuss issues facing the chemicals industry visit ICIS connect

By: James Dennis
+65 6780 4359

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.

Printer Friendly