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.?xml:namespace>
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 ?xml:namespace>
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)
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