Crude rises $1/bbl ahead of US stock figures

04 September 2008 11:06  [Source: ICIS news]

LONDON (ICIS news)--Crude prices rose by more than a dollar on Thursday to take Brent crude on ICE Futures above $109.00/bbl.

By 09:40 GMT, October Brent crude had hit a high of $109.16/bbl, a gain of $1.10/bbl over the Wednesday close of $108.06/bbl, before easing back to around $108.80/bbl.

At the same time, October NYMEX crude was trading around $110.25/bbl, having hit a high of $110.60/bbl, a gain of $1.25/bbl over the previous close.

US stock figures, due out later in the day, are expected to show a significant draw on gasoline stocks and this could be exacerbated as several US Gulf refineries have been prevented from restarting operations due to power supply problems caused by Hurricane Gustav.

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By: Tony Dillon
+44 20 8652 3214

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