Crude up $1/bbl on OPEC’s February production levels

23 February 2009 14:39  [Source: ICIS news]

LONDON (ICIS news)--Crude prices gained by more than $1/bbl on Monday to take Brent crude on ICE futures above $43/bbl on reports that OPEC production in February looked on course to be around 1.1m bbl/day less than the previous month.

By 14:20 GMT, April Brent crude had hit a high of $43.45/bbl, a gain of $1.56/bbl from Friday’s close of $41.89/bbl, before easing back to around $43.10/bbl.

At the same time, April NYMEX light sweet crude futures were trading around $40.95/bbl, having hit a high of $41.49, which was a gain of $1.46 from the previous close.

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By: Tony Dillon
+44 20 8652 3214

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