US crude above $143/bbl on supply concerns

01 July 2008 15:02  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $3/bbl on Tuesday to take the front month contract above $143/bbl on the back of geopolitical tensions in the Middle East raising concerns about supply.

By 13:50 GMT, August NYMEX crude had hit a high of $143.33/bbl, a gain of $3.33/bbl from the Monday close of $140.00/bbl, before easing back to around $142.70/bbl.

At the same time, August Brent crude on ICE Futures was trading around $142.75/bbl, having hit a high of $143.31/bbl, a gain of $3.48/bbl from the previous close.

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By: Giovanni Coiro
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