Crude gains more than $3/bbl on AIG rescue
17 September 2008 09:35 [Source: ICIS news]
SINGAPORE (ICIS news)--Crude futures rose more than $3/bbl on Wednesday on news of the US government rescue of AIG and a combination of militant attacks on oil facilities in Nigeria and disruption caused by Hurricane Ike.
At 7:57 GMT, October NYMEX light sweet crude futures were trading at $94.20/bbl, up $3.05/bbl on Tuesday’s settlement level, having earlier hit a high of $95.00/bbl, up $3.85/bbl.
At the same time, November ICE Brent futures were trading at $92.40/bbl, up $3.18/bbl on the previous close, having earlier peaked at $93.21/bbl up $3.99/bbl.
The price rise follows falls of around $10/bbl over the previous two trading sessions which had pushed crude to seven-month lows on news of the collapse of Lehman Brothers and troubles at global insurers AIG.
The US Federal Reserve announced an $85bn rescue package for AIG (American International Group), which is the largest insurer in the
Further attacks on oil installations in
On Wednesday militants say they attacked an oil flow station in the Niger Delta operated by Shell and warned of attacks on oil offshore facilities unless oil workers and the Nigerian military abandon the installations.
Meanwhile, concerns over low gasoline stocks and lost production from a number of damaged production platforms in the
Weekly US supply data are expected to reveal falls of close to 4m bbl in crude and gasoline stocks and a decline of around 2m bbls in distillate inventories.
The declines were expected to reveal the impact of Hurricanes Gustav and Ike.
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By: James Dennis
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