Crude recoups losses to post gains of over $1/bbl

30 May 2008 12:54  [Source: ICIS news]

LONDON (ICIS news)--Crude prices rose by more than a dollar on Friday to take Brent crude on ICE Futures back above $128.00/bbl.

 

By 11:35 GMT, July Brent crude had hit a high of $128.11/bbl, a gain of $1.22/bbl over Thursday’s close of $126.89/bbl, before easing back to around $127.85/bbl.

 

At the same time, July NYMEX crude was trading around $127.20/bbl, having hit a high of $127.30/bbl, a gain of 68 cents/bbl over the previous close.

 

Earlier in the day, prices had fallen sharply on the back of a stronger US Dollar and concerns about falling demand and both benchmark grades had posted losses of almost $2.00/bbl.

 

By: Tony Dillon
+44 20 8652 3214

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