Brent, NYMEX gain $2/bbl in speedy recovery

20 June 2008 14:09  [Source: ICIS news]

SINGAPORE (ICIS news)--Crude prices gained more than $2/bbl on Friday to climb back well above $134/bbl, after a plunge of well over $4/bbl the previous day on expectations of weaker demand after China’s unexpected decision to raise fuel prices.

At 12:19 GMT on Friday, August ICE Brent futures were trading at $134.35/bbl, up $2.35/bbl on the previous day's close. Earlier the contract rose to a high of $134.95/bbl, up $2.95/bbl.

At the same time, July NYMEX light sweet crude futures traded at $134.13/bbl, up $2.20/bbl on Thursday’s settlement level.

Earlier the contract hit a high of $134.83/bbl, up $2.90/bbl. The July NYMEX contract expires at the close of Friday’s trading session.

Traders continue to watch developments in Nigeria, after Shell was forced to shut-in 220,000 bbl/day of production from the offshore Bonga oilfield in Nigeria following an attack by armed militants in speedboats.

The market would also monitor a meeting between consumers and producers in Jeddah, Saudi Arabia this weekend to discuss the causes for high energy prices.

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By: James Dennis
+65 6780 4359

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