US crude exceeds $100/bbl on supply disruptions

19 September 2008 11:58  [Source: ICIS news]

LONDON (ICIS news)--NYMEX light sweet crude futures gained more than $2/bbl on Friday to take the front-month October contract back above $100/bbl on supply issues in the US Gulf from Hurricane Ike, disruptions in Nigeria and signs of a recovery in global stock markets.

By 10:25 GMT, October NYMEX crude had hit a high of $100.76/bbl, a gain of $2.88/bbl from the Thursday close of $97.88/bbl, before easing back to around $100.50/bbl.

At the same time, November Brent crude on ICE Futures was trading around $97.75/bbl, having hit a high of $97.92/bbl, a gain of $2.73/bbl from the previous close.

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By: Giovanni Coiro
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