Crude rebounds on supply concerns, dollar slip

12 August 2008 14:53  [Source: ICIS news]

LONDON (ICIS news)--Crude prices rose by more than a dollar on Tuesday to take Brent crude on ICE Futures above $114.00/bbl on the back of supply concerns due to the Russia-Georgia conflict and a weakening of the dollar against the euro.

By 13:30 GMT, September Brent crude had hit a high of $114.31/bbl, a gain of $1.64/bbl over the Monday close of $112.67/bbl, before easing back to around $113.30/bbl.

At the same time, September NYMEX crude was trading around $115.00/bbl, having hit a high of $115.95/bbl, a gain of $1.50/bbl over the previous close.

The US dollar lost some of its earlier strength and BP announced that it was closing crude and gas pipelines across Georgia as a precautionary measure due to threats of bombing raids by Russian military jets.

Earlier in the day, September Brent had dropped to a low of $110.47/bbl as the US dollar again gained ground in the currency markets and Russia announced that it was withdrawing its troops from Georgia.

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By: Tony Dillon
+44 20 8652 3214

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