Crude up over $5/bbl on US stocks, weak dollar

29 October 2008 15:57  [Source: ICIS news]

LONDON (ICIS news)--Crude rose by over $5/bbl on Wednesday to take Brent on ICE Futures above $66.00/bbl as weekly stock figures aided prices already boosted by a weaker dollar and firm indexes on expectations of a US interest rate cut.

 

By 15:30 GMT, December Brent crude had hit a high of $66.05/bbl, a gain of $5.76/bbl over the Tuesday close of $60.29/bbl, before easing back to around $65.75/bbl.

 

At the same time, December NYMEX crude was trading around $67.80/bbl, having hit a high of $68.23/bbl, a gain of $5.50/bbl over the previous close.

 

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By: Tony Dillon
+44 20 8652 3214

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