Crude rallies to new record above $147/bbl

11 July 2008 14:48  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $5/bbl on Friday to take the front month August contract above $147/bbl due to geopolitical tensions, supply worries in Nigeria and a dip in the US dollar.


By 13:35 GMT, August NYMEX crude had hit a new record high of $147.27/bbl, a gain of $5.62/bbl from the Thursday close of $141.65/bbl, before easing back to around $146.60/bbl.


At the same time, August Brent crude on ICE Futures was trading around $146.75/bbl, having hit also hit a new record high of $147.50/bbl, a gain of $5.43/bbl from the previous close.

By: Giovanni Coiro
+44 20 8652 3214

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