US crude settles at record $138.54

06 June 2008 21:06  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for July delivery on Friday settled at $138.54/bbl, up $10.75 after fresh weakness in the US dollar caused speculative money to flow into commodities.

July crude topped out at an all-time high $139.01/bbl, up $11.22 during the normal session before retreating slightly ahead of the settlement. During electronic trading afterwards, the gains were extended and the high leaped to $139.12/bbl.

The initial rally started as a result of a rise in US unemployment rate pressuring the dollar. Also statements from Israel that an attack on Iran’s nuclear facilities seemed unavoidable due to the failure of sanctions unsettled the market and provided upside momentum.

Heating oil futures hit the limit up on the NYMEX floor and trading was halted for three minutes, doubling the limit fluctuation across the energy complex.

ICE Brent for July delivery also surged to a record high of $138.12/bbl to also settle at a record $137.69/bbl, up $10.15.

To discuss issues facing the chemical industry go to ICIS connect

By: Ignacio Sotolongo
+1 713 525 2653

< previous article(VIDEO - ICIS news Asia Lunchtime Bulletin 2 November 2009)

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